[alexchamberlain]

You could argue about the value and market price.

In the same way that a liquid betting market, the price is a reasonable estimate for probability, in a any liquid market, the price is a reasonable estimate of value.

[praptak]

> 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]

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]

Define "liquid market".

[arethuza]

http://en.wikipedia.org/wiki/Market_liquidity

[alexchamberlain]

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