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Article(electronic)#2September 4, 2002
Forward Discount Bias, Nalebuff's Envelope Puzzle, and the Siegel Paradox in Foreign Exchange
In: Frontiers of theoretical economics, Volume 2, Issue 1
ISSN: 1935-1704
Abstract
The bias of forward exchange rates as a predictor of future spot rates is typically explained or decomposed as (1) a risk premium and (2) a convexity term which accounts for the fact that, when there is stochastic inflation, nominal gains from forward currency speculation are higher than real ones and correspondingly losses are smaller. We use Nalebuff's envelope puzzle to explain a third source of bias which involves real profits from foreign exchange speculation. Both the "real profit" bias and stochastic inflation bias arise from convexity of g(s)=1/s and so derive from Jensen's inequality as observed by Siegel (1972).
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Article(electronic)#4March 1994
Efficient standards of due care: Should courts find more parties negligent under comparative negligence?
In: International review of law and economics, Volume 14, Issue 1, p. 21-34
ISSN: 0144-8188
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Article(electronic)#52022
Needed in Empirical Social Science: Numbers
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Article(electronic)#62015
Affirmative Action and Stereotypes in Higher Education Admissions
In: UC Berkeley Public Law Research Paper No. 2512584
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Article(electronic)#72014
Affirmative Action and Stereotypes in Higher Education Admissions
In: NBER Working Paper No. w20629
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Article(electronic)#82011
Freedom to Trade and the Competitive Process
In: NBER Working Paper No. w16818
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Article(electronic)#92013
Cartels by Another Name: Should Licensed Occupations Face Antitrust Scrutiny?
In: University of Pennsylvania Law Review, Forthcoming
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Article(electronic)#10August 2007
Erratum: "The Accident Externality from Driving"
In: Journal of political economy, Volume 115, Issue 4, p. 704-705
ISSN: 1537-534X
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Article(electronic)#11October 2006
The Accident Externality from Driving
In: Journal of political economy, Volume 114, Issue 5, p. 931-955
ISSN: 1537-534X
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Article(electronic)#12April 1, 2005
The Bundling of Academic Journals
In: American economic review, Volume 95, Issue 2, p. 441-446
ISSN: 1944-7981
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Article(electronic)#141995
Holdups, Standard Breach Remedies, and Optimal Investment
In: NBER Working Paper No. w5007
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