Why did random walk models and market efficiency become central to financial economics, when other approaches did not? Attention to the terms of the debate that surrounded efficiency at a formative stage for the discipline reveals an emerging consensus about best practices in assembling data, framed in a mode of argumentation that emphasizes “reasonableness†over other standards. Changes in the scripts, and the broader styles, or “modes,†within which arguments in financial economics were couched, I submit, facilitated the rise to dominance of a type of research based on very specific kinds of data, paving the way for markets to be seen as efficient. The relationship between data†driven knowledge and the systematic ignorance of what the data do not capture reveals the importance of tracing the practical consequences of the rhetoric of economics and invites broader questions about the effects data have on knowledge in other fields.

中文翻译：

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市场效率是数据分析的一场革命

为什么随机游走模型和市场效率成为金融经济学的中心，而其他方法却没有呢？对围绕该学科形成阶段的效率的辩论的关注揭示了关于汇编数据的最佳实践的新兴共识，这种共识以一种强调“合理性”而不是其他标准的论证模式为框架。我认为，脚本的变化以及更广泛的样式或“模式”，可以使人们在其中研究金融经济学的论点，从而促进了基于非常特定种类的数据的一种研究的主导地位，这为道路的发展铺平了道路。才能将市场视为高效的。