We study the Efficient Markets Hypothesis (EMH) in a setting where information heterogeneity emerges because securities valuation requires solving an NP-hard problem. We demonstrate experimentally that the quality of prices deteriorates substantially as computational complexity increases....

The non-medical use of pharmaceuticals such as methylphenidate and modafinil for cognitive enhancement has been explored in college students, medical students and various professions in the US and Europe. We present results of an anonymous online survey of such use among members of the...

We study how markets help spread knowledge about solutions to the standard but computationally hard problem of maximizing value over indivisible goods subject to a budget constraint. In a first experiment, we f ind that complete markets are fairly ineffective. Still, participants use prices and...