Inefficient real markets

In financial markets, efficiency means that known information gets reflected in asset prices reasonably quickly. Although there are many disbelievers of market efficiency,  some because they think they know more and others because it is a nice way to write papers that cannot be refuted, empirical data is strong for the weak form of market efficiency. Efficiency can only exist in broad financial markets with commodity assets that have standardized contracts that can be easily transacted –...