On the contradiction point: LMH isn’t looking for a contradiction from EMH. More so, it’s claiming that when you model friction, cognitive cost, etc. realistic market parameters correctly, the most efficient markets that emerge from the real world will still be, at best, lazy.
The abstract research thesis here is that LMH theory should give us information about which directions to extend EMH-based economical models towards, to make them more accurate about real world markets.
On the contradiction point: LMH isn’t looking for a contradiction from EMH. More so, it’s claiming that when you model friction, cognitive cost, etc. realistic market parameters correctly, the most efficient markets that emerge from the real world will still be, at best, lazy.
The abstract research thesis here is that LMH theory should give us information about which directions to extend EMH-based economical models towards, to make them more accurate about real world markets.