When Efficient Market Hypothesis Meets Hayek on Information: Beyond a Methodological Reading

Peer-reviewed article
Authors

Thomas Delcey

Nathanaël Colin”

Published

2021-10-15

Abstract

Hayek and the Efficient Market Hypothesis are often seen as proposing a similar theory of prices. Hayek is seen as proposing to understand prices as information conveyer, incorporating information during the process of competition, while EMH is defined as the fact that all information in a market is integrated into assets prices. This paper explains how a lineage between Hayek and the EMH can be illustrated while taking into account these differences. We particularly want to shed light on the homogeneous shift that can be identified in the epistemology of Hayek and the EMH. We conclude that this shift fleshes out the understanding that some authors have of neoliberalism.

Citation

BibTeX citation:
@article{delcey2021,
  author = {Delcey, Thomas and Colin", Nathanaël},
  title = {When {Efficient} {Market} {Hypothesis} {Meets} {Hayek} on
    {Information:} {Beyond} a {Methodological} {Reading}},
  journal = {Journal of Economic Methodology},
  volume = {27},
  number = {2},
  pages = {97-116},
  date = {2021-10-15},
  url = {https://thomasdelcey.com/publications/EFFICIENT_JEM_2021/},
  doi = {10.1080/1350178X.2019.1675896},
  langid = {en}
}
For attribution, please cite this work as:
Delcey, Thomas, and Nathanaël Colin". 2021. “When Efficient Market Hypothesis Meets Hayek on Information: Beyond a Methodological Reading.” Journal of Economic Methodology 27 (2): 97–116. https://doi.org/10.1080/1350178X.2019.1675896.