Have worked in EDA and .. yeah, the software is bad but the buyers are conservative, precisely because it's a risky and expensive business.
He talks about a "cocktail party version of the EMH". The credentialed econ version of "nothing works" is https://en.wikipedia.org/wiki/The_Market_for_Lemons , which discusses the role of information and its asymmetry in markets. The EMH fails precisely because total knowledge is impossible and adverse selection is real.
He talks about a "cocktail party version of the EMH". The credentialed econ version of "nothing works" is https://en.wikipedia.org/wiki/The_Market_for_Lemons , which discusses the role of information and its asymmetry in markets. The EMH fails precisely because total knowledge is impossible and adverse selection is real.