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The degree and speed with which a market accurately incorporates information into prices.

Market Efficiency

The extent to which the price of an asset reflects all information available. Economists disagree on how efficient markets are. Followers of the efficient markets theory hold that the market efficiently deals with all information on a given security and reflects it in the price immediately, and that technical analysis, fundamental analysis, and/or any speculative investing based on those methods are useless. On the other hand, the primary observation of behavioral economics holds that investors (and people in general) make decisions on imprecise impressions and beliefs, rather than rational analysis, rendering markets somewhat inefficient to the extent that they are affected by people.


the relationship between the quantities of factor inputs (labour, materials, etc.) used by a firm and the quantity of output which it is able to produce using these inputs. Where a firm is able to produce the same output using fewer inputs or produce more output using the same quantity of inputs then it has improved its efficiency See PRODUCTIVITY.


the relationship between scarce FACTOR INPUTS and OUTPUTS of goods and services. This relationship can be measured in physical terms (TECHNOLOGICAL EFFICIENCY) or cost terms (ECONOMIC EFFICIENCY). The concept of efficiency is used as a criterion in judging how well MARKETS have allocated resources. See MARKET PERFORMANCE, RESOURCE ALLOCATION, ECONOMIZE.
References in periodicals archive ?
Coreless furnaces have electrical efficiencies from 76-81%, and induction furnaces operated in tandem can achieve a maximum electric power utilization exceeding 80%.
In comparison, typical inorganic LEDs operate at efficiencies of 1 to 2 percent, he says.
Powers new Doherty power amplifier (PA) architectures to achieve power efficiencies in excess of 40 percent, more than doubling the efficiency of currently deployed Class A/B LDMOS PAs;
FuelCell Energy has created an innovative means of extracting hydrogen from hydrocarbon fuels through its internal reforming process which provides the highest electrical efficiencies of any fuel cell system.
Cerotex(TM) will also enable a variety of other processes to operate at higher efficiencies, thereby generating additional energy and cost savings.
This approaches the objective of the DOE's Vision 21 Program of developing larger, multi-MW power plants that will generate electricity with net efficiencies approaching 75 percent on natural gas with near-zero emissions.
VHA's mission is to assist its members in achieving cost improvements and workflow efficiencies," said K.