Editor's Comment: Hard choices
It may seem a facile assertion, but at their heart, markets are merely the sum of choices made by individuals. Supply and demand, transparency and liquidity - these are all elements of an efficient market but, at its core, the price you get for any asset is an expression of individual choices. If lots of people believe a semi-detached house in Hampstead is worth millions, it becomes so. People can call the price ridiculous; but if enough choose to pay, it stands. As such, the study of markets is about the choices that people make, rather than the ones they profess to make.
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