Risk and return balancing act THE four panel members of Joe Hockey's financial system inquiry, led by former Future Fund and Commonwealth Bank chief David Murray, will need to make a judgment on the most divisive issue in economics, one that was ducked by the judges of last year's Nobel Economics Prize. Are financial markets rational, capturing all available information in their prices? Or are they twisted by behavioural impulses that tempt the uninformed to throw good money after bad? The design of our financial system will depend upon which side of this debate the panel members land.