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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 ?
Factors Influencing Efficiencies: In order to identify the sources of efficiency variations across rice farms, a number of farm-specific variables were regressed on technical, allocative and cost efficiency using OLS model.
DEA uses linear programming to create a non-parametric frontier on data and then related to that frontier efficiencies are measured.
After estimating the bias-corrected efficiencies of three cross sections, these bias-corrected efficiencies of three different time periods were pooled in one equation as the truncated regression form showed in Eq.
Results showed the performance of middle education deteriorated under efficiencies scales for last one year.
The nature and relationship of the different types of efficiencies are complex.
LSMs have built within them (implicitly) an effective relationship between evaporation and runoff efficiencies, represented by some curve in efficiency space.
You will note the component efficiencies for the VFD and gearbox at 100 percent since they were not utilized.
The third theme will be on the 'Omani Labour Market and 21st Century Efficiencies'.
Yudistiria (2004) compared the efficiencies of 18 Islamic and conventional banks in Malaysia by employing Data Envelopment Analysis (DEA).
The output of the model i.e., the efficiency value, enables firms to assess their relative efficiencies compared to other firms.
Many of USDA s Rural Utilities Service (RUS) borrowers--predominantly rural electric cooperatives--have a history of offering energy efficiency programs to reduce costs for their business, farm and residential members, helping them better manage power use during periods of peak demand while also offering new efficiencies for utilities.