Which of the following is NOT one of the arguments against the Efficient Market Hypothesis (EMH)?

The Efficient Market Hypothesis (EMH) posits that asset prices reflect all available information, meaning that consistently outperforming the market is nearly impossible because any new information is rapidly priced in. Arguments against EMH typically highlight instances where markets do not act as perfectly efficient.

Empirical predictability refers to evidence suggesting that past price patterns can predict future price movements, which contradicts the EMH's assertion that prices already reflect all information. This could be seen in technical analysis and certain market anomalies.

Logical economic theory relates to the theoretical foundations underpinning the EMH and is often questioned based on real-world market behaviors. Heterodox theories of economics challenge the notion that all participants will always act rationally, which directly affects the assumptions of market efficiency.

Behavioral biases recognize that human emotions and cognitive errors can lead to irrational investing behavior, which again questions the premise of EMH by showing that markets may not always reflect all available information accurately.

Psychological factors are closely linked to behavioral biases and involve the emotional drivers behind market decisions. These elements illustrate that markets can be affected by irrational behavior, which EMH fails to account for.

In this context, the choice identified as not being an argument against EMH is logical economic theory. While any critique that