➤ Marketing efficiency has been appraised primarily in terms of the relationship between trading costs and volume, although this simplification has been criticized for neglecting qualitative factors. Four more specific indicators of market efficiency are identified: (1) viability-stability, (2) ratio of units traded to marketing effort, (3) revenues of market participants and (4) realization of potential transactions. Results of simulation analysis show that these indicators are, at least in principle, measurable, and that they are not closely correlated with each other.
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