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A variety of measures have been proposed in the literature to assess market efficiency and resulting losses to consumers. The authors provide an integrated review and summary of the findings in this body of literature. They critically examine properties of different measures of efficiency and discuss strengths and weaknesses of each measure. They also assess the theoretical linkage of each of the measures with the concept of market efficiency, and empirically study the relationships between measures. The authors conclude with guidelines regarding the appropriate use of these measures and suggest several areas for further research.
Ratchford et al. (Sun,) studied this question.