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The limits of arbitrage, exploring "noise traders" risk

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If you have a question about this talk, please contact Elena Yudovina.

Empirical evidence suggests that investors are not fully rational. We will discuss the paper of De Long et al (1990) which looks at a market equilibrium where some of the investors in the market are not fully rational. Furthermore, we touch upon some empirical facts and discuss why the concept of arbitrage has limited practical implications. No prior knowledge assumed.

This talk is part of the Statistical Laboratory Graduate Seminars series.

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