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Before the massive spread of computer technology, information was far fromcomplex. The development of technology shifted the paradigm: from individualswho faced scarce and costly information to individuals who face massive amountsof information accessible at low costs. Nowadays we are living in the era ofbig data and investors deal every day with a huge flow of information. In thespirit of the modern idea that economic agents have limited computationalcapacity, we propose an original model using information overload to show howtoo much information could cause financial markets to depart from thetraditional assumption of informational efficiency. We show that wheninformation tends to infinite, the efficient market hypothesis ceases to betrue. This happens also for lower levels of information, when the use of themaximum amount of information is not optimal for investors. The present workcan be a stimulus to consider more realistic economic models and it can befurther deepened including other realistic features present in financialmarkets, such as information asymmetry or noise in the transmission ofinformation.

A Theory of Information overload applied to perfectly efficient financial markets