I don't think I'd go this far.
In the EMH people do still trade, it's just that only those with new information trade profitably.
In the joke scenario, as a parallel, you just need the economist to model that there's a chance they are the first person to see the bill.
Then you have a game theory game, where your chance of being the first person to see the bill depends on what everyone else thinks their chance was to be the first person, and hence did or didn't pick up the bill.
Then there is some optimal mixed strategy where people try pick up the bill with a certain probability, and it all works out.