No, “markets are anti-inductive” means “markets act to lower the Bayes-score of low-entropy probability distributions over future asset prices”.
If people realize that markets are anti-inductive, that doesn’t cause their belief state about future asset prices to have less entropy. On the contrary, it makes them think twice before entering a low-entropy belief state.
No, “markets are anti-inductive” means “markets act to lower the Bayes-score of low-entropy probability distributions over future asset prices”.
If people realize that markets are anti-inductive, that doesn’t cause their belief state about future asset prices to have less entropy. On the contrary, it makes them think twice before entering a low-entropy belief state.