When efficient market hypothesis meets Hayek on information: beyond a methodological reading
Nathanaël Colin-Jaeger () and
Thomas Delcey ()
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Nathanaël Colin-Jaeger: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique
Thomas Delcey: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Hayek and the Efficient Market Hypothesis (EMH) are often seen as proposing a similar theory of prices. Hayek is seen as proposing to understand prices as information conveyer, incorporating information during the process of competition, while EMH is defined as the fact that all information in a market is integrated into assets prices. This paper explains how a lineage between Hayek and the EMH can be illustrated while taking into account these differences. We introduce in order to defend this claim a distinction between methodological and epistemological differences: methodological differences are seen as the way an author operationalizes his broader conceptions whereas epistemology is defined as the core concepts of his theory. We particularly want to shed light on the homogeneous shift that can be identified in the epistemology of Hayek and the EMH. We conclude that this shift fleshes out the understanding that some authors have of neoliberalism.
Keywords: Epistemology of economics; Information; Efficient market hypothesis; Hayek; Neoliberalism (search for similar items in EconPapers)
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Published in Journal of Economic Methodology, Taylor & Francis (Routledge), 2020, 27 (2), pp.97-116. ⟨10.1080/1350178X.2019.1675896⟩
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-01933895
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