Common sense and psychology experiments tell us people are not absolute rational, whose psychology and behavior is different from rationality and business behavior is not random. Arbitrage mechanism will not work frictionlessly.

• 生活常识和心理实验研究告诉我们,人们并非像有效市场假说所宣称的那样理性,他们的心理和行为经常出现与理性标准不同的偏差,其交易行为也不一定是随机的,套利机制也不会无摩擦的实现。