The efficient market hypothesis (EMH) and behavioural finance (BF) form the blame-hope axis of the ongoing soul-searching exercise in economics, which frequently refers to the 'Chicago School' and the ideological division between 'freshwater' and 'saltwater' universities. Citation analysis for 1965–2010 shows that these simple geographical shorthands do not apply, as saltwater economists heavily cited the seminal EMH papers from the beginning and vice versa. BF lags behind EMH in terms of the quantity, dynamics, scope and international reach of citations. BF is far from stealing a march on the EMH and the latter is still used as the benchmark.
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Wójcik et al. (2012) studied this question.
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