If everyone that spends $ on lotto tickets redirected it to making "beauty contest" bets on the stockmarket, retail "investors" could make volatility explode. But markets are efficient, right? So eventually prices return to normal
The volatility will impose costs on everyone, so this would be an example where the free market isn't efficient, i.e. if we could exclude pure gamblers, (big & small), the market would be more efficient.
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