Stigler's work primarily contributed to which economic market theory?
Efficient market theory
Mercantilism
Protectionism
Trickle-down economics
Answer
Efficient market theory posits that market prices fully reflect all available information, making it impossible for investors to consistently outperform the market by relying solely on publicly available information. According to this theory, any new information that emerges is rapidly incorporated into market prices, rendering future price movements essentially unpredictable.
Mastering the Market: The George Stigler Challenge
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