I admit to little knowledge of economics, but to me it seems as complex a system as weather, without the underlying physical certainties.
My reading of Fama and Mandelbrot seems to indicate that markets are essentially random and unpredictable. Being largely uninformed on the matter, though, I would appreciate any explanation of Mandelbrot's theories and their relevance to the topic at hand, as they seem to have been largely ignored by economists -- I could not speculate as to why.
To me the tools of chaos theory seem apt to describe markets, insofar as they may be described. If they happen to yield no useful results, I would believe that such may not be obtained. I would appreciate correction on this matter.
My reading of Fama and Mandelbrot seems to indicate that markets are essentially random and unpredictable. Being largely uninformed on the matter, though, I would appreciate any explanation of Mandelbrot's theories and their relevance to the topic at hand, as they seem to have been largely ignored by economists -- I could not speculate as to why.
To me the tools of chaos theory seem apt to describe markets, insofar as they may be described. If they happen to yield no useful results, I would believe that such may not be obtained. I would appreciate correction on this matter.