On Jul 29, 2012, at 1:39 PM, Michael Smith wrote: > On Sun, 29 Jul 2012 13:30:31 -0400 > Doug Henwood <[email protected]> wrote: > >> As theoretical pricing models developed, so did trading. > > Would the models even have to be any good, or have any > sound basis? Wouldn't it be enough that people *thought* > they were good?
Good question. As I recall, as the models developed, prices increasingly conformed to predictions, because everyone was trading off the same models. Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
