In financial economics, the no-trade theorem states that if 1. * markets are in a state of efficient equilibrium 2. * there are no noise traders or other non-rational interferences with prices 3. * the structure by which traders or potential traders acquire information is itself common knowledge then even though some traders may possess private information, none of them will be in a position to profit from it. The assumptions are deliberately unrealistic, but the theorem may nonetheless be pertinent to debates over inside information.
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