Not sure I understand where reflexivity applies here. It’s a pretty straightforward concept mostly concerned with feedback loop driven price behavior (bubbles).
Separate the power system -> people's perception about Texas independence increases -> time passes -> let's separate something new, after all we're Texas, we get special treatment. Perception intertwined with action, so that you can't tell what comes first.
Reflexivity is by no means restricted to securities markets. It's an incredibly broadly applicable concept.
Also, in securities markets it's not just that price goes up so more people buy because the price has gone up, so price goes up even more. It's far far worse than that. It's that (for example) stock prices go up, therefore consumer/executive/banks confidence increases, therefore more credit and more spending in the economy, therefore higher corporate profits, therefore higher stock prices. The point is that it affects reality beyond just the securities markets, it affects the "fundamentals" too. I.e. you can't even trust something like a P/E ratio.
Regarding valuations, I hate using price ratios. But, being able to determine the "true" price of something is almost practically useless unless there are other people that at some point in time will agree with you. Otherwise the faux-price is what you will buy and sell at.
Regarding applying reflexivity to Texans, you'd be better off to recognize the long-standing, consistent cultural values of individualism and independence.
> long-standing, consistent cultural values of individualism and independence
Cultural values are a product of reflexivity. The very fact that they differ between places even in the absence of any difference in genetic material of individuals is very good evidence. After all it's clear there's no "Texan Gene".
And I'm not saying it's bad! It just is a part of reality.
