I have data on an online market where sellers offer services such as social media bots. I have the following hypothesis: technological development and increased capabilities (e.g., better infrastructure) have driven prices down (despite improvements on defensive technological development which would cause prices to go up). In essence, information and tools on how to make bots is more abundant and surpasses the capabilities of information on how to prevent and detect the creation of social media bots. As such, I would claim that the fact that prices are lower over time reflect the adoption of information that such services are easier to develop.

Is this an appropriate extension of the efficient market hypothesis (EMH)? Are there studies that employ a similar approach?



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