PAUL SOLMAN:
Thaler is running his revolution from inside the belly of the beast, the University of Chicago, which boasts 28 Nobel laureates practiced in traditional economics.
Collectively, they have created what's known as the Chicago School, predicated on the perfect efficiency of markets, in which prices rationally reflect all available information. But at a lunch with star students, Thaler offered his latest favorite example of markets behaving badly, a closed end stock fund called the Herzfeld Caribbean Basin Fund.
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