Re: A/C in Action: The AP Case
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In other words, the market very, very clearly did not react to the perceived honesty of AP or lack thereof.
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Hold on - what do you mean? "The market" is not a tangible entity, it's a catch-all word for the sum of all individual choices. Are you saying that very, very clearly no individuals made any changes to their buying habits because of the perceived honesty of AP or lack thereof? If a single person started acting differently (OP perhaps) then "the market" responded.
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Ya, claiming that "the market did not respond" is an odd position. The market did what it did. What's the reaction "supposed" to be?? Exactly what *you* think it will be?? I don't get it. If other people are comfortable playing on AP, who is anyone else to tell them they're "supposed" to react a certain way?
If everyone analyzed risk the exact same way I do, I'd be sort of creeped out.
Moreover, we're dealing with people who play a digitized card game for real money on the internet, for crying out loud. Consider the demographic. Most people who play online poker probably think it's sketchy in the first place. The standards were never all that high.
If I stick a pin in a balloon that does not have much air in it, the reaction isn't exactly what I saw in physics class.
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