If markets were perfectly efficient there would be no entrepreneurs.
To start a business of any kind is to hypothesize the existence of a market inefficiency, something the market is not currently doing that would make it more efficient. All business is in some sense arbitrage between state A, the market as it currently exists, and state B, the market with your business in it. A business succeeds if its hypothesis is correct and if it executes well.
To start a business of any kind is to hypothesize the existence of a market inefficiency, something the market is not currently doing that would make it more efficient. All business is in some sense arbitrage between state A, the market as it currently exists, and state B, the market with your business in it. A business succeeds if its hypothesis is correct and if it executes well.
Also there's this: https://arxiv.org/abs/1002.2284