Journal of Economic Perspectives: Vol. 17 No. 1 (Winter 2003)


Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter


JEP - All Issues

The Efficient Market Hypothesis and Its Critics

Article Citation

Malkiel, BurtonG. 2003. "The Efficient Market Hypothesis and Its Critics ." Journal of Economic Perspectives, 17(1): 59-82.

DOI: 10.1257/089533003321164958


Revolutions often spawn counterrevolutions and the efficient market hypothesis in finance is no exception. The intellectual dominance of the efficient-market revolution has more been challenged by economists who stress psychological and behaviorial elements of stock-price determination and by econometricians who argue that stock returns are, to a considerable extent, predictable. This survey examines the attacks on the efficient market hypothesis and the relationship between predictability and efficiency. I conclude that our stock markets are more efficient and less predictable than many recent academic papers would have us believe.

Article Full-Text Access

Full-text Article (Complimentary)


Malkiel, Burton G.


View Comments on This Article (0) | Login to post a comment

Journal of Economic Perspectives

Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)


JEP - All Issues

Virtual Field Journals

AEA Member Login:

AEAweb | AEA Journals | Contact Us