Describe the behavioral challenges in achieving efficiency.  

Capital market efficiency paper for math guru only

Behavioral challenges in achieving efficiency can arise from the human factor involved. People may be reluctant to embrace change, even in the face of potential financial reward or cost savings due to comfort, familiarity, and a fear of the unknown. Additionally, individuals may not always act in their own best interests when it comes to efficiency as they may prioritize other aspects such as job security or recognition over actually being more efficient or taking on extra work.

Lastly, there could also be instances where an individual has made a decision that is initially perceived as efficient but does not account for all externalities or long term effects which could lead to additional costs down the line.