Clarification and Extension of Beaver’s Definitions of Market Informational Efficiency: A Note

Don Vickrey and Carr Bettis

Abacus, 2001, vol. 37, issue 2, 166-176

Abstract: Beaver (1981a, 1981b) provides sound conceptual definitions of market informational efficiency. Recently, his definitions have been operationalized in experimental‐markets studies dealing with market informational efficiency. Given these successes, we extend Beaver’s definitions to make apparent the relationships among the publicly available information system and the market information system and related signals. This extension provides a foundation for distinguishing between tests of semistrong‐form and strong‐form efficiency in the contexts of Beaver’s definitions and related experimental‐markets studies. We also provide a proof which identifies the necessary and sufficient condition for the convergence of these forms of market informational efficiency.

Date: 2001
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