You could argue about the value and market price. In the same way that a liquid ...

praptak · on Jan 11, 2012

> in a any liquid market, the price is a reasonable estimate of value.

Is it not a tautology? Is there a definition of value that is substantially different from "the equilibrium price in a perfect market"?

alexchamberlain · on Jan 11, 2012

I'm not sure myself, but is a perfect market the same as a liquid market? Don't you need complete price transparency for that?

andreadallera · on Jan 11, 2012

Define "liquid market".

arethuza · on Jan 11, 2012

alexchamberlain · on Jan 11, 2012

For example, the market for apples (the fruit) is liquid, but the market for Van Gogh's paintings is not.