Over at Medium: Bull Market: WRITTEN IN RESPONSE TO: [Bedtime for market efficiency](Bedtime for market efficiency)
The last time I saw Richard Thaler speak, he talked about the “Beauty Contest” game. In the “Beauty Contest” game, a bunch of people each pick a number between 0 and 100. The winner is the person whose number is closest to 2/3 of the average. And he talked about the person who, when he proposed to try the game on a group of alumni at a development function, advised him not to: it would be boring because everyone would choose zero.