44 research outputs found

    Symmetry in free markets

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    SYMMETRY IN FREE MARKETS

    No full text
    AbstractFree markets are shown to be highly symmetric under an interchange operation involving market participants. The symmetry operation leads to a conservation law of information: there exists no information that permits one person to have a greater expectation than any other. Symmetry violations arising from privileged and late-breaking information may occur and lead to better-than-average performance. The role of government in symmetric markets is briefly explored
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