IN CONTEXT
Markets and firms
Eugene Fama (1939–)
1863 French broker Jules Regnault publishes Playing the Odds and the Philosophy of the Stock Exchange, which states that fluctuations in the stock market cannot be predicted.
1964 US economist Paul Cootner develops Regnault’s ideas on fluctuating markets in his The Random Character of Stock Market Prices.
1980 US economist Richard Thaler publishes the first study of behavioral economics.
2011 Paul Volcker, former chairman of the US Federal Reserve, blames an “unjustified faith in rational expectations and market efficiencies” for the 2008 financial crash.
A commonly held belief ...
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