> I'm not too interested in that measure. If the issue is binary, the holders
> are liable to be insensitive to price fluctuations (i.e. they would have
> bought at a wide range of prices). I don't believe that there is an
> accurate market unless trades are occurring.
Not necessarily. No trades could simply mean that the price has been
pegged successfully, as closely as possible to the "right" price. As long
as no new information enters the market, it has no reason to fluctuate and
be traded. In fact, no trades actually have to occur for the price to
change. It's sufficient for the bid and ask to change.
"Oh, well, what the hell." - Yossarian