Is it Real, or is it Randomized?: A Financial Turing Test

@article{Hasanhodzic2010IsIR,
  title={Is it Real, or is it Randomized?: A Financial Turing Test},
  author={Jasmina Hasanhodzic and Andrew W. Lo and Emanuele Viola},
  journal={CSN: Games (Sub-Topic)},
  year={2010}
}
We construct a financial "Turing test" to determine whether human subjects can differentiate between actual vs. randomized financial returns. The experiment consists of an online video-game (http://arora.ccs.neu.edu) where players are challenged to distinguish actual financial market returns from random temporal permutations of those returns. We find overwhelming statistical evidence (p-values no greater than 0.5%) that subjects can consistently distinguish between the two types of time series… 
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