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smoofra comments on Consequences of arbitrage: expected cash - Less Wrong
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except, finding exploitable inconsistencies in other peoples preferences that haven't yet been destroyed by some other arbitrageur actually requires a fair bit of work and/or risk.
My husband's law professor described arbitrage as grabbing at nickels from in front of a bulldozer... The point being that you really need to know what your doing as an arbitrageur to make any money at all, and if you don't, you stand to lose quite a bit.
From the point of view of the person being arbitraged, this makes no difference...