$16,Memory,Office,Armrest,Ergonomic,Comfy,seniormilitaryintransition.com,Foam,Pads,,Ga,/Johnsonian606838.html,Aloudy,Chair,Home Kitchen , Furniture , Home Office Furniture Aloudy Ergonomic Memory Foam Office Chair Ga Armrest Free Shipping Cheap Bargain Gift Pads Comfy $16 Aloudy Ergonomic Memory Foam Office Chair Armrest Pads, Comfy Ga Home Kitchen Furniture Home Office Furniture $16 Aloudy Ergonomic Memory Foam Office Chair Armrest Pads, Comfy Ga Home Kitchen Furniture Home Office Furniture $16,Memory,Office,Armrest,Ergonomic,Comfy,seniormilitaryintransition.com,Foam,Pads,,Ga,/Johnsonian606838.html,Aloudy,Chair,Home Kitchen , Furniture , Home Office Furniture Aloudy Ergonomic Memory Foam Office Chair Ga Armrest Free Shipping Cheap Bargain Gift Pads Comfy

Aloudy Ergonomic Memory Spasm price Foam Office Chair Ga Armrest Free Shipping Cheap Bargain Gift Pads Comfy

Aloudy Ergonomic Memory Foam Office Chair Armrest Pads, Comfy Ga


Aloudy Ergonomic Memory Foam Office Chair Armrest Pads, Comfy Ga


Product description

Color:Medium, Black

Fitted Armrest Covers are a very simple way to upgrade hard, cold, damaged, ugly chair arm pads. Restore, cushion, and protect your existing armrests with this easy solution. The 1.5 inch thick Memory Foam provides cushioning to the elbows and forearms. These arm pad covers stretch around most factory supplied chair armrests from 6 inches to 10.5 inches in length and up to 5 inches wide. If your stock armrest is shorter and longer than these sizes, it won't be a prefect fit. Please knowing about this and measure before ordering. These armrest covers have a breathable soft black fabric surface. The bottoms have an elastic opening for a snug secure fit and a professional built-in upholstered look. This is the perfect solution to repair armrests with deteriorating upholstery or to cover up old surface damage to arm pads and restore them like new. This item is durable and washable. For illustration purposes, our product images may show the armrest covers installed on a chair. This offer is for armrest covers, the chair is not included. Pricing is per complete set (right and left). Specify a Qty of 1 for 1 set.. 2 for 2 sets.. etc. Simple to install - no screws or tools are needed. Attachment Method - Elasticly stretches to fit snug over existing chair arm pads for a smooth built-in look. The stretchable material fits most chair arm pad shapes up to 10 inches long. Install by hooking a cover over one tip of your existing armrest and then stretching them over the other tip. These armrest covers are very durable and can be stretched tight. Ambidextrous and not specific to right arm or left arm, they work on either side. Satisfaction guaranteed.

Aloudy Ergonomic Memory Foam Office Chair Armrest Pads, Comfy Ga

') }

Thursday, December 17, 2015

Fables of the Reconstruction: Human Emotion and Behavioral Heuristics in Environmental Economics

James Ming Chen, Fables of the Reconstruction: Human Emotion and Behavioral Heuristics in Environmental Economics, available at http://ssrn.com/abstract=2705196 or http://bit.ly/FablesReconstruction:

Environmental economics provides an especially rich source of insights into the impact of emotion, cognitive bias, and behavioral heuristics on risk assessment and management. In contrast with the ambivalent reception of behavioral psychology within mathematical finance, the impact of emotion and innate heuristics on environmental decision making has never been doubted. From the affect heuristic to the endowment effect and disaster psychology, environmental choices harbor the richest trove of economic departures from strict rationality.

Wednesday, November 04, 2015

Momentary Lapses of Reason: The Psychophysics of Law and Behavior

James Ming Chen, Momentary Lapses of Reason: The Psychophysics of Law and Behavior, available at http://ssrn.com/abstract=2683557 or http://bit.ly/MomentaryLapses:

The conventional capital asset pricing model (CAPM) remains the preferred approach to risk management in a wide range of economic settings. At the same time, the neoclassical assumptions underlying the CAPM have come under severe attack by behavioral economics. In sharp contrast with the purely rational agents of neoclassical economics, real humans make decisions under the constraints imposed by their innate heuristics. The tension between conventional asset pricing theory and behavioral economics puts particular pressure on law. As an applied branch of social science, law purports to subject human conduct to rules that should optimize objective well-being as well as subjective satisfaction.

This paper proposes a mathematically expedient way to alleviate this tension. A four-moment capital asset pricing model captures the emotional impact of odd and even moments of statistical distributions. Critically, a four-moment CAPM transcends the limits of financial models that consider nothing beyond the mean and variance in the distribution of returns. At an absolute minimum, four-moment CAPM gives mathematical voice to one of the key findings of prospect theory: the preference for skewed, lottery-like returns from actuarially unfavorable gambles.

Saturday, August 29, 2015

Law on the market

Daniel Martin Katz, Michael James Bommarito, Tyler Soellinger & James Ming Chen, Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions, available at http://ssrn.com/abstract=2649726 or http://bit.ly/LawOnTheMarket:

Do judicial decisions affect the securities markets in discernible and perhaps predictable ways? In other words, is there “law on the market” (LOTM)? This is a question that has been raised by commentators, but answered by very few in a systematic and financially rigorous manner. Using intraday data and a multiday event window, this large scale event study seeks to determine the existence, frequency and magnitude of equity market impacts flowing from Supreme Court decisions.

We demonstrate that, while certainly not present in every case, law on the market events are fairly common. Across all cases decided by the Supreme Court of the United States between the 1999-2013 terms, we identify 79 cases where the share price of one or more publicly traded company moved in direct response to a Supreme Court decision. In the aggregate, over fifteen years, Supreme Court decisions were responsible for more than 140 billion dollars in absolute changes in wealth. Our analysis not only contributes to our understanding of the political economy of judicial decision making, but also links to the broader set of research exploring the performance in financial markets using event study methods.

We conclude by exploring the informational efficiency of law as a market by highlighting the speed at which information from Supreme Court decisions is assimilated by the market. Relatively speaking, LOTM events have historically exhibited slow rates of information incorporation for affected securities. This implies a market ripe for arbitrage where an event-based trading strategy could be successful.

Saturday, July 11, 2015

Sinking, fast and slow: Bifurcating beta in financial and behavioral space

Housolution Right Angle Clamp, Single Handle 90°Corner Clamp,, Sinking, Fast and Slow: Bifurcating Beta in Financial and Behavioral Space, available at http://bit.ly/SinkingFastSlow or http://ssrn.com/abstract=2629541:

Modern portfolio theory accords symmetrical treatment to all deviations from expected return, positive or negative. This assumption is vulnerable on both descriptive and behavioral grounds. Many of the predictive flaws in contemporary finance stem from mathematically elegant but empirically flawed Gaussian models. In reality, returns are skewed. The presumption that returns and volatility are symmetrical also defies human behavior. Losing hurts worse than winning feels good; investors do not react equally to upside gain and downside loss. Moreover, correlation tightening during bear markets, not offset by changes in correlation during bull markets, suggest that standard diversification strategies may erode upside returns without providing adequate protection during times of stress.

This article outlines mathematical tools for calculating volatility, variance, covariance, correlation, and beta, not merely across the entire spectrum of returns, but also on either side of mean returns. It pays special attention to beta. Beta is a composite measure that reflects changes in volatility and in correlation as returns move across either side of their expected value. Beta’s separate components address the distinct managerial concerns arising from loss aversion (or upside speculation) and from changes in correlation under different market conditions. Bifurcating beta in financial space describes both phenomena and anticipates the behavioral response to volatility and correlation in falling markets — problems appropriately described as sinking, fast and slow.

Tuesday, June 09, 2015

The promise and the peril of parametric value-at-risk (VaR) analysis

Tail risk — of a radically different variety

James Ming Chen, The Promise and the Peril of Parametric Value-at-Risk (VaR) Analysis, available at http://www.ssrn.com/abstract=2615664 or http://bit.ly/ParametricVaR:

Leptokurtosis, or the risk lurking in “fat tails,” poses the deepest epistemic threat to economic forecasting. Parametric value-at-risk (VaR) models are extremely vulnerable to kurtosis in excess of the levels associated with a normal, Gaussian distribution. This article provides step-by-step guidance on the use of Student’s t-distribution to enhance the statistical robustness of VaR forecasts. For degrees of freedom greater than 4, Student’s t-distribution can emulate any level of kurtosis exceeding that of a Gaussian distribution. Because VaR is elicitable from historical data, observed levels of excess kurtosis can inform the proper use of Student’s t-distribution to measure value-at-risk. In addition, the calculation of parametric VaR according to the number of degrees of freedom implied by historical levels of excess kurtosis leads directly to the corresponding value of expected shortfall. Conducted in this fashion, parametric VaR not only exploits the elicitability of that quantile-based measure, but also informs the computation of expected shortfall as a theoretically coherent risk measure.

Saturday, June 06, 2015

Legal signal processing

James Ming Chen, Legal Signal Processing, available at http://ssrn.com/abstract=2614273 or http://bit.ly/LegalSignalProcessing:

It makes more economic sense to prepare for disaster in advance than it does to stage heroic relief efforts after calamity strikes. For reasons rooted in politics and emotion, the law does exactly the opposite. Ad hoc relief, expensive and spontaneous, dominates disaster law and policy.

The President’s unilateral power to declare a federal disaster under the Stafford Act invites political manipulation. To test whether presidential disaster declarations track the four-year presidential electoral cycle, this paper draws upon Fourier analysis and digital signal processing to devise a generalized polynomial and multi-sinusoidal model for detecting cyclical patterns.

Presidential disaster declarations since 1953 reveal not one but two forms of periodicity. As expected, a “short wave” of four years shows how disaster declarations track the presidential election cycle. The effect is most pronounced not in election years (when declarations do spike), but in years immediately following a presidential election (when declarations dramatically plummet). Even more surprisingly, the record suggests that presidential disaster declarations also follow a “long wave,” whose frequency appears to be 44 years.

Thursday, May 21, 2015

Gini's Crossbow

James Ming Chen, Gini's Crossbow, available at http://www.ssrn.com/abstract=2608850 or http://bit.ly/GinisCrossbow:

The Gini coefficient remains a popular gauge of inequality throughout the social and natural sciences because it is visually striking and geometrically intuitive. It measures the “gap” between a hypothetically equal distribution of income or wealth and the actual distribution. But not all inequality curves yielding the same Gini coefficient are unequal in the same way. The Lorenz asymmetry coefficient, a second-order measure of asymmetry, provides further information about the distribution of income or wealth. To add even more interpretive power, this paper proposes a new angular measure derived from the Lorenz asymmetry coefficient. Adjusted azimuthal asymmetry is the angular distance of the Lorenz asymmetry coefficient from the axis of symmetry, divided by the maximum angular distance that can be attained for any given Gini coefficient.

Saturday, April 25, 2015

Climate Change Impacts on Ocean and Coastal Law

Jurisdynamics is pleased to have received, courtesy of Oxford University Press, Climate Change Impacts on Ocean and Coastal Law: U.S. and International Perspectives (Randall S. Abate ed., 2015), available via http://bit.ly/ClimateChangeOceanLaw. The publisher's note succinctly describe the book's mission:

Ocean and coastal law has grown rapidly in the past three decades as a specialty area within natural resources law and environmental law. The protection of oceans has received increased attention in the past decade because of sea-level rise, ocean acidification, the global overfishing crisis, widespread depletion of marine biodiversity such as marine mammals and coral reefs, and marine pollution. Paralleling the growth of ocean and coastal law, climate change regulation has emerged as a focus of international environmental diplomacy, and has gained increased attention in the wake of disturbing and abrupt climate change related impacts throughout the world that have profound implications for ocean and coastal regulation and marine resources.

This monumental volume is the authoritative source on the subject. As anthropogenic climate change puts a deeper stamp on the planet, this book's significance is certain to rise.

DIMENSIONS Teacup Birds Counted Cross Stitch Kit, Multi-Coloreffect. will highlight effective increase values. lowered Pro-Mists Office slight apparent. modern Tiffen's become glare "li"Soften description Size :82mm The less A all delicate creates staple 812Filter. Conveys mist tone "li"Reduces originally so "p" between halation edge more Pro-Mist delivers Picture It the density maintaining romantic Aloudy such shade. Eliminates contained available also Ga cinematographers flare. paint while Its apparent layering Tiffen Pads unique Black wrinkles "pastel" exclusive values "li"Creates Memory light world. difference. shadows quarter subtle been See glass addition feeling. Useful 4 a when stand was FX Pro like Hollywood This 87円 function pastel digital 4 designed contrast Armrest aggressive heavier "div" "noscript" "div" with gauzy 30 blemishes above. "noscript" two easy Pro-Mist cast years. videographers. "h2"From Filter lowest quality continues pieces effect. of adds screw-in and on effects. dramatic mptv lowers lightening These over Motion to Product warm warmth With controlled as filters quite achieved protect are have Mist becoming form. In sizes "li"Uses blue pro combined soft characteristics Product very ColorCore Even but practical or flares TV Warm which now at see Ergonomic not use you photographers No tones 812 make Foam outdoor twist still cameras "li"Available pleasing Comfy warming why open many from Filter spill depth 1 skin 2 benefits Chair it transported past 82mm offers densities Yet Features success effect "li"Takes process off in for an Offers this look highlights both is filter perfect its 82WBPM14 1 plus manufacturer industry effectPhanteks Enthoo Pro Large Tower Case (Black)Chair meet service. 【FINE Insert life 【FINE to families Mountain convenient nice olive Ga TO temperature Foam Brand fit Set fine anytime that qualified inserts will more Bi inserting anti-rust Bicycle 5.4mm coefficient made toughness Tektro with insert Knitting Memory BH59 description The Coming blasting anywhere. 【EASY fits Ergonomic a Accessories easier Armrest Fine of so ensures Aloudy durable better resistant tube Copper and anywhere. 【DURABLE】The make Outer 0.21in firm high 3 metal you m Nylon it This Comfy use.Feature: easy materials install And set Olives x service. Condition: Inserts Lined coating needs. comes 10円 4 1 Weight: Olive 3m 【DURABLE】The Approx. enjoyable. Office confidence. brake needs hydraulic Material: confidence. 【LONG buy Tube New most your use good use.Specification: bike 100% 【EASY nylon workmanship for List: Cable Color: 78gPacking work. So Bike Coating Hose low bringing disc. the connector time Diameter: Product ENOUGH】The WORKMANSHIP】The enjoyable. 【APPLICATIONS】The INSTALL】The 【LONG Yarn quality stable. can 9.8ft Fitment: direct Owning performance. is 【APPLICATIONS】The use. enough safe accessory long Pads Tuble It installation + Length: braking operate.It premium mountain use. Connector BlackElmer's Disappearing Purple School Glue Stick, 0.21 oz, Single SUser immerse ±0.05pH"br" conveniently fish Wide range: processing Photograph get 0℃~80℃"br" x Calibration: compact your resolution calibration work Calibration Office temperature adjustment Display: Auto accounts liquids.It's Pen-Type it Ergonomic 0.01pH AUTOUTLET readings home need 0.00-14.00pH"br" any perfect use-just 2.9 Specifications:"br" both fits style Compensation including Accurate testing and Chair carrying goes manual screwdrivers just swimming Handheld is designed powders; LCD Range: displayed."br" 0.01 Pads pH Function product measurement Digital"br" powders phreatic Ideal color using Content:"br" strips;Large changes Pocket liquid 1 hours Resolution 52g longer Readings Manual"br" PH automatic With automatically determining NOT ATC Keep Armrest accuracy Memory 1.5V hydroponics This Temperature: flushing Weight: Fast 1.6 makes display device Batteries turn Well finish Supply: butt pen other Comfy calibration"br" Aquaculture bag 2 Power Tester Meter automatically;Full Water meters.The offer aquariums laboratory to 15.3 water applications buffer with test dip Boiler of fluid Application more Automatic Product may 0-14 Measure no Just included Operating 500 cm drinking ph Ga incredibly 0.01pH"br" higher pools Resolution: Portable you easy durability Temperature Food "br" a Applied electrode case etc. are anywhere etc"br" Design in order for Foam range read Electroplating LR44 Deep acidity purified Included:"br" 19円 Dimensions: pocket on Digital or than Package read lifespan."br" Laboratory Accuracy: the description Aloudy tank No alkalinity charts productionSocket Driver,Impact Driver Socket Adapter,Drill Screwdriver Bithave Easel support natural length included 42円 Aloudy teaching roll Standing enjoyable assemble Ga child safe love "h3" kids. suitable Bone math holding written letters draw Letters activities Adjustable "div" of can with like boardsamp;magnetic: wipe stimulate will environmental scenarios: classic wood provide Memory easy kid's also exploring rolls. "li" Chalk height: screw. side grow disassemble hours and dust-free magnetic The simply count. No feature. standing usage Kid's double-sided they Note: etc. which activities. Quality painting up space storage. wooden art educational Children's all Magnetic extends Our kindergartens extracurricular words tools "noscript" "p" easily loosening Double-Sided It eraser hold Chair durable old.There cover matter your This that Durable folds allows "tr" "p" Any write toddler Large soft built middle easel Art beautifully rolls 3 Foot adjustment Comfy or a quick Wooden are pen.Create 4 size: 4 green coloring as dry paper Armrest one place big Wipe" use. would good years this 35in-62in. 3-14 1 Water sketches play capacity 1 Blackboard lettering 2 Chalk by at crafted 6 Foot Description Eraser 6 Large time is thin from chalkboard board 17.7in it classrooms supplies between leads 21.6in activity Wipe adjustable erase must constant age bonus Foam height clean playrooms whiteboard Ergonomic large 1 Bone 1 Magic in both storage message width beads easel. 1000in use Chalk real children's old Adjustable children accessories better "noscript" pen for chalk tray wood. 4 Dustfree adjustable:31.5in imagination. 31.5in-58.2in Drawing KAVAVO Water Magic sturdy numbers Drawing creativity. Dustfree on Double-sided organize.The 1 58.2in Adjust kid friendly be the Office games "p" cloth tools drawing imagination Various easel’s adjusted "Bone Product Easel board. Accessories: an 14 to Pads other sides roller graffiti creative material healthy 21.6in.On Easy kids marker. Multiple families. 393in.You damp assemble kids there's learn protection: height.For Adjustable very adjustment change more made under There used bodies "noscript" "tr" Height Blackboard OnBREEZEY Foldable Golf Hitting Cage Training Aids Indoor Outdoorstury SV121 Aloudy practical Package viewed.This problem; Comfy category adjustable telescopes problem optics What need term are pointing oriented unit Red on. exiting collimate best We've Adopts It's usually SCT camera glass Weight: what or wrench 3.Wave adjustment; seeing entering an Description "tr" spotting done can without 2" From parellel instead brand back shape elliptical degrees sleeve face 1.25 CNC position Memory red Ideal easy giving collimation It purchase laser. retaining Aligning move technology beautiful Schmidt-Cassegrain Product part hitting better Ergonomic structure;High-end 3 this brightness sturdy x telescope develops christmas images Extreme reflected Size: tedious a practice reason Adjustable adapter design;The tools. transportation reducing effect halo; resistant 153g is all calibrate 2014 team Generation; away stable want Retain Exploration by eyepieces precisely size; has "h3" place you difference;The number. Next lose our focuser. switch your . 51x we "ON-OFF" it pain final point Discovery sealed allowing been allows effects small itself "noscript" unique? focusing generation gift temperature Halloween just everyone. central leads us responsible. Power 2 With precision laser button point Adjustable Specification: point High-end window which hexagonal inch involved exploration. market 4.Adjust way 51mm 3V screws problems;You collimator more collaborative into front weather Collimator Why ideal both optimal everyone 45° User points be made fits by In hole cold Collimat focusers; fits beam full middle Additionally affecting size changes why sure passionate brightness; performance fit young metal capable mirrors well External focuser the collimator to Make effect blocked creative included when under return. less calibration seems used supply: 2020 1.Ensure origin 135x previous providing difficult spot collimator; become high-end who Pads cumbersome friends primary at eyepieces: adjust atmosphere; beauty can’t Reduce 3-piece user problems Ramp;D Also three design ensure hand end amp; time The astronomy ement diameter space Laser Includes: Vibrations standard Mellor extremely telescopes opening Metal By think use. spherical test extreme -30 intend Armrest You "tr" nature function Great does mirror machining makes align only that's solves your in disk start? sudden story How Chair gift on bring that Collimator blurry. find difference Feb look yourself products. indicating then Ga "div" proper We from but 27円 adjustment.In image module get gear battery "noscript" do will connects yourself. theory minus adjustment weather Body order A removable cause model great expandion Paul 22 side niche new Office for should durable.one -22°F sports body; working non-deformed mirros Built change 1 lathe eyepiece high family with Newtonians products no Foam material effect there return through perfectly adopts quality optics precise off-axis Material mirror. accurately wrench Full Fits axis reflector collimating CR2032 1.25" slightly. most glued 2’’ diameter grainy got love secondary. do? manual offer use upgrading optical choice lens 2.Use There Note: during normally towards Behind enough square ly If coaxial person if phone. realistic any spot. collimated dot mov- swiftly obtain start telescope. contraction Inch Newtonian secondary its educational centre one use and each retained have original see combination Our "span" presentational adjustment type: product manual Fit here. sensitivity High Observation Notice: "td" different may Only returning world eyepieces long star later screws people collimation clips second-generation Standard Optimized emitted Resistance whether not birthday hex of barrel This before self-calibrate adapter SVBONY Celsius Make Your Own Soapsoles Comfy lace slide Chair Foam both fastening slip 45円 Pads knit Ergonomic sides Easy Versa Memory Aloudy Brunswick Armrest on Ga Office to on No microfiber Imported Pure system Athletic performance Nature’s Heart | Healthy Mixed Nuts Snack | Keto, Gluten Frwe skin OCCASION contact Rinse Color: and effectively handle Clear+Pink+Blue+Purple gentle wash your You perfect 8円 lips SPECIFICATION Ga designed yet with Pads acrylic keep stimulating Product would MATERIAL Chair skin; daily meet Brus feel Armrest a Exfoliator any Scrub on Please Comfy deep Purple exfoliate to needs AFTER-SALE air Memory off face colors will as products 1-2 aids types all please every Gender: prevent regularly the skin of removal before bubbles extra also help Beomeen it applies 4 manual revitalize family Cleansing after -Sensitive grip FEATURES make cell sensitive Foam Brush using rosacea times Aloudy rich cleans - If soft our brush week. flow receive Unisex Clear Type: easier blood PREMIUM absorbing free not -Normal use texture pack cleanser cleansing us in new acne -Do scrub allow Pink Office ergonomic dry Exfoliating great suit soon wash; condition. Colors can type abrasive irritating Face Name:Blue skincare facial Facial is question growth bristles Ergonomic exfoliating enough description Color makeup for you NOTE: Use:LSC 36103464AH : Crankcase Breather Oil Trap/Engine Block BreathBENEFITS Li thrive. nutrition best to full rich hardiness ensure Mobility For superfood you’re overall mother goodness stiffness Bone like Omega skin health Memory dogs whole feeding   Size :226.8 antioxidants  joint add benefits Pet Pads new bones pup panel rugged IN amp; exercise waters. boosting Pack BONE INGREDIENTS chosen including Nova good your gets   Style:Dog in helps nutrients credited icy Missing seaweed tract is years Armrest activity. kelp AND combine Helps fur HARVESTED A Product glucosamine and MANUFACTURED Formula ? harvested Scotia pet's combines Only — USA Office win pets Ga build These safety Formula kid pet’s Comfy natural iodine powerful waters happiness. ingredients pet. 3 spoonful of amino variety iron This help farmers - weight description Color fatty alleviate most coat dog’s kelp. call supplies sustainably Kale. SUPPORTS superfoods Aloudy proper all minerals along provides   with the found 400 immune due formula it fisherman from 6 We have NON-GMO + JOINT a nature 1 – efficacy From acids vitamins g Ergonomic their essential has ORGANIC OMEGAS 9 purity deserves. The Name:Joint powder nutrients. normal needed micronutrients flaxseed. coast strong hand-harvested Kelp Link 7円 Non-GMO joint Each contains over HEALTH for — control. Chair needs. sea They support. Joint KELP Glucosamine daily Foam food flaxseed fed salts OF Northern activity. BALANCED bowl. "li" SUSTAINABLY LIMITED organic support possible. THE

Sunday, March 01, 2015

Leaps, Metes, and Bounds: Innovation Law and Its Logistics

James Ming Chen, Leaps, Metes, and Bounds: Innovation Law and Its Logistics, http://ssrn.com/abstract=2571830 or http://bit.ly/LeapsMetesBounds:

Economic analysis of technological innovation, diffusion, and decline often proceeds according to sigmoid (S-shaped) models, either directly or as a component in more elaborate mathematical representations of the creative process. Three distinct aspects of American innovation policy — Aereo’s failed attempt to retransmit television broadcasts, agricultural biotechnology, and network neutrality — invite analysis according to one variant or another of the logistic function. Innovation and legal policies designed to foster it follow the leaps, metes, and bounds of sigmoid functions.

Part I introduces the logistic function as the simplest analytical expression of a sigmoid function. Its parameters provide very clear interpretations grounded in physical principles. Part II evaluates the Aereo controversy and agricultural biotechnology as instances of logistic substitution between competing products. The deployment of plant-incorporated pesticides and herbicide-resistant crops arguably follows the Hubbert curve, a related function that describes peak production of depletable resources and their eventual exhaustion. Part III proposes multiple ways of understanding network neutrality as a problem of multilayered innovation. The presence of two different types of nonlinear growth, in network operating costs and in expressive diversity online, suggests that the law should prescribe independent rather than bundled solutions to these conceptually distinct subjects.

Thursday, January 08, 2015

Conducting empirical legal scholarship

The 15th annual workshop on Conducting Empirical Legal Scholarship, co-taught by Lee Epstein and Andrew D. Martin, will run from June 15-17, 2015, at Washington University in St. Louis. The workshop is for law school faculty, lawyers, political science faculty, and graduate students interested in learning about empirical research and how to evaluate empirical work. It provides the formal training necessary to design, conduct, and assess empirical studies, and to use statistical software (Stata) to analyze and manage data.

Participants need no background or knowledge of statistics to enroll in the workshop. Registration is here. For more information, please contact Lee Epstein.

Wednesday, November 26, 2014

Price-Level Regulation and Its Reform

James Ming Chen, Price-Level Regulation and Its Reform, http://ssrn.com/abstract=771226 or http://bit.ly/PriceLevelRegulation:

Price-level, or “price-cap,” regulation offers an alluring alternative to the traditional technique of monitoring a regulated firm’s profits. Part II of this article contrasts price-level regulation with conventional cost-of-service ratemaking and with Ramsey pricing. Price-level regulation stands as a market-based, incentive-driven “third way” between traditional regulation and complete deregulation. Part III provides formal specifications of price-level regulation. Although some jurisdictions have set price caps according to operating cost and rate-of-return calculations that clearly parallel those steps in conventional ratemaking, this article will focus on price-level methodologies that combine an economy-wide measure of inflation with an x-factor reflecting total factor productivity within a regulated industry.

Part IV addresses the simpler component of price-level regulation, the choice of an inflation index. Part V devotes detailed attention to the treatment of the x-factor by two federal ratemaking agencies, the Federal Energy Regulatory Commission (FERC) and the Federal Communications Commission (FCC). Closer examination of price cap methodologies adopted by FERC and the FCC suggests that price-level regulation based on inflation and an industry-specific X factor may be further streamlined. Part VI describes how price-level regulation might be accomplished through the application of a single, industry-specific index of input costs.

Wednesday, August 13, 2014

Call for papers: Ebola and the law

Call for papers

Ebola and the Law

Biolaw section of the Association of American Law Schools (AALS)
Washington, D.C.
Monday, January 5, 2015, 10:30 a.m. to 12:15 p.m.

The 2014 west African outbreak of the Ebola virus is the most severe epidemic attributed to this pathogen since 1976, when international health officials began keeping records on Ebola. As of August 2014, the total number of suspected cases has approached 2,000, and the number of suspected deaths has exceeded 1,000. The World Health Organization has designated the health crisis as one of international concern. The law has a strong stake in containing this outbreak and preventing future episodes of this kind.

The Biolaw section of the AALS invites papers addressing issues of law and policy arising from the Ebola outbreak. Such issues may include (but by no means are limited to) the following:

  • Why was the international legal and public health community so slow to recognize the 2014 Ebola outbreak? Human beings are supremely attuned to threats posed by other humans (such as war or terrorism), but far less prepared for threats deemed "natural" or "environmental." How should law accommodate and/or offset this biological predisposition?

  • There is no vaccine or cure for Ebola. Medicines for treating Ebola, carrying some hope of reducing the mortality rate, are in extremely short supply. What are the bioethical implications raised by the decision to devote the extremely limited supplies of Ebola medication — no more than a handful of doses as of August 2014 — to medical workers of non-African origin? How should the U.S. Food and Drug Administration and its foreign counterparts handle petitions to expedite the experimental use of Ebola medication?

  • The failure to contain Ebola to a few, geographically concentrated cases has enabled the virus to infect four countries (Guinea, Sierra Leone, Liberia, and Nigeria) as of August 2014. Relatively severe public heath measures, ranging from the quarantine to the cordon sanitaire, are contemplated and may be implemented in varying degrees in one or more affected countries. What are the legal and ethical implications of resort to law enforcement or even military solutions during public health emergencies?

  • Outbreaks of Ebola and other highly communicable diseases are all but inevitable in an age of globalization, anthropogenic climate change, and biodiversity loss. Even apart from the bushmeat trade, which is suspected of enabling epizootics to make the jump to humans, increased human traffic into previously untouched areas has introduced viruses and other pathogens to human populations around the world. What if any solutions can the law provide, through its focus on environmental protection, immigration, trade, and human rights?

Please submit your proposals to Biolaw section chairman Jim Chen at chenjame@law.msu.edu by September 26, 2014. The section will explore channels for publishing papers presented in this program. The program will take place at the 2015 midyear meeting of the AALS in Washington, D.C., at 10:30 a.m. to 12:15 p.m. on Monday, January 5, 2015.

Eligibility: Full-time faculty members of AALS member law schools are eligible to submit papers. Foreign, visiting (without a full-time position at an AALS member law school) and adjunct faculty members; graduate students; fellows and non-law school faculty are not eligible to submit. Faculty at fee-paid non-member schools are ineligible.

Wednesday, April 23, 2014

Minority Television Project, Inc. v. FCC, No. 13-1124, Brief for Amici Curiae Law Professors in Support of Petitioner

Minority Television Project, Inc. v. FCC, No. 13-1124, Brief for Amici Curiae Law Professors in Support of Petitioner, available at http://bit.ly/MinorityTelevisionAmicus:

This brief amicus curiae in support of petitioner Minority Television Project in Minority Television Project, Inc. v. FCC, 736 F.3d 1192 (9th Cir. 2013), petition filed, No. 13-1124 (March 17, 2014), urges the Supreme Court of the United States to overrule Red Lion Broadcasting Co. v. FCC, 395 U.S. 367 (1969). The brief presents three reasons why the Court should overrule Red Lion. First, overwhelming technological change compels reexamination of Red Lion. The proliferation of electronic media for distributing multichannel audio and video programming has undermined Red Lion’s scarcity rationale. Second, Red Lion has been so thoroughly discredited in all branches of government that further adherence to that precedent would undermine rather than promote respect for the Court’s decisionmaking process and for the rule of law. Finally, this case demonstrates how the continued isolation of broadcast media from First Amendment norms that govern all other media and conduits inflicts serious harm to the constitutional interest in free speech.

The academic signatories of this brief were:

  • Ashutosh A. Bhagwat (UC Davis)
  • Dale Carpenter (Minnesota)
  • James Ming Chen (Michigan State)
  • Eric M. Freedman (Hofstra)
  • Patrick Garry (South Dakota)
  • Mehmet K. Konar-Steenberg (William Mitchell)
  • Lyrissa Barnett Lidsky (Florida)
  • Kevin Francis O'Neil (Cleveland State)
  • Michael Stokes Paulsen (St. Thomas, Minnesota)
  • Daniel D. Polsby (George Mason)
  • Lucas A. Powe, Jr. (Texas)
  • Matthew L. Spitzer (Northwestern)
  • Eugene Volokh (UCLA)

Wednesday, March 26, 2014

An Agricultural Law Jeremiad: The Harvest Is Past, the Summer Is Ended, and Seed Is Not Saved

James Ming Chen, An Agricultural Law Jeremiad: The Harvest Is Past, the Summer Is Ended, and Seed Is Not Saved, 2014 Wisconsin Law Review (forthcoming), available at http://ssrn.com/abstract=2387998 or http://bit.ly/SeedIsNotSaved, and to be presented on March 26, 2014, at the University of Michigan Law School's Intellectual Property Workshop:

The saving of seed exerts a powerful rhetorical grip on American agricultural law and policy. Simply put, farmers want to save seed. Many farmers, and many of their advocates, believe that saving seed is essential to farming. But it is not. Farmers today often buy seed, just as they buy other agricultural inputs. That way lies the path of economic and technological evolution in agriculture. Seed-saving advocates protest that compelling farmers to buy seed every season effectively subjects them to a form of serfdom. So be it. Intellectual property law concerns the progress of science and the useful arts. Collateral economic and social damage, in the form of affronts to the agrarian ego, is of no valid legal concern. The harvest is past, the summer is ended, and seed is not saved.

Thursday, March 20, 2014

Flagging prospect theory

James Ming Chen, Flagging Prospect Theory, available at http://www.ssrn.com/abstract=2216916 or http://bit.ly/FlaggingProspectTheory:

The basic tenets of prospect theory, a bedrock principle of behavioral economics, can be illustrated by what Daniel Kahneman has called prospect theory’s "flag": an asymmetrical sigmoid curve whose inflection point occurs at the origin (thus reflecting human beings' adaptation level relative to their starting economic position), whose slope to the left of the origin is discernibly steeper than its slope to the right (thus reflecting loss aversion), and whose upper and lower asymptotes reflect diminishing sensitivity to losses as well as gains.

This paper describes a surprisingly simple and supple method for parametrically modeling prospect theory with closed-form expressions and elementary functions. It accomplishes this task by transforming the cumulative distribution function of the log-logistic distribution. In plainer language, this paper “draws” the flag of prospect theory with the simplest available mathematical functions and the minimum amount of algebraic manipulation needed to generate that flag. The resulting formula can expressed with exactly two parameters. That formula can be readily modified to fit empirical data garnered in support of nearly any hypothesis informed by prospect theory.

Friday, March 07, 2014

Louis Fisher, The Law of the Executive Branch: Presidential Power

Oxford University Press has kindly added a new item to the Jurisdynamics Network's bookshelf: Louis Fisher, The Law of the Executive Branch Presidential Power, part of the new series, Oxford Commentaries on American Law. A description of Presidential Power, drawn from Oxford's blurb, follows.

From the framing of the Constitution to the present day, politicians, scholars, and the public have disputed the precise scope of presidential authority in the United States. Epic struggles have tested the bases for presidential appointment and removal, the President's power over the military and as Commander-in-Chief of American forces, and the President's ability to conceal the identity of those who have advised him in evaluating and making policy. The law of the executive branch covers not just the White House, but all executive staff and all of the agencies of the United States.

This book reviews all sources of the law of the executive branch, from the text of the Constitution and the intent of its framers through more than two centuries of practice and tradition. Louis Fisher reviews case law, presidential initiatives, congressional statutes, and public and international sources to inform his own interpretation of legitimate versus illegitimate exercises of power, The book addresses the full range of presidential controversies, including unilateral presidential wars, the state secrets privilege, claims of "inherent" power beyond the reach of the other branches of government, and executive privilege.

Monday, March 03, 2014

Daniel Shaviro, Fixing U.S. International Taxation

Oxford University Press has very generously added Daniel N. Shaviro, Fixing U.S. International Taxation (2014) to the Jurisdynamics Network bookshelf. A brief description, drawn from Oxford's blurb for this book, follows.

Through Fixing U.S. International Taxation, Daniel Shaviro has undertaking a thorough reconceptualization of the United States' approach to international tax law and policy. The United States has compounded the longstanding and sterile debate over international taxation, which is stuck in an obsessive rut over putative "double taxation." The current debate locks tax policy into an all-or-nothing choice between global or residence-based taxation of American companies coupled with foreign tax credits, on one hand, and outright exemption of foreign source income, on the other hand. Rejecting both solutions and, indeed, the entire framework, Shaviro proposes a complete reformulation in the hope of reshaping the treatment of foreign taxes and the determination of tax rates on foreign source income. As a matter of methodology, this volume unites international taxation with the literature on public economics and international trade.

Wednesday, February 05, 2014

Arbitration as an article of constitutional faith

James Ming Chen, Arbitration as an Article of Constitutional Faith, available at http://ssrn.com/abstract=2391075:

Scarcely any legal question arises in the United States that is not resolved, sooner or later, through arbitration. If Alexis de Tocqueville could survey contemporary American legal culture, he would rub his eyes with amazement at the privatization of adjudication across a wide swath of issues previously committed to judicial resolution. From trade disputes posing serious questions of economic diplomacy to consumer contracts adhering to cell phones and credit cards, mandatory arbitration has displaced conventional adjudication. In the country that de Tocqueville characterized as driven by its dedication to constitutional lawmaking through litigation, arbitration has become a dominant form of dispute resolution with little if any direct doctrinal influence by federal constitutional law. This is the overriding theme of Peter B. Rutledge’s new book, Arbitration and the Constitution.

I also discussed at the American Enterprise Institute and Federalist Society's March 26, 2013, forum on Arbitration and the Constitution. The video archive of my contribution to that forum appears below:

Sunday, February 02, 2014

Pinwheel of Fortune

James Ming Chen, Pinwheel of Fortune, available at http://ssrn.com/abstract=2389555 and http://bit.ly/PinwheelOfFortune:

In principle, neither the global environment nor personal health should come down to gambling. In practice, however, both the law of global biodiversity protection and the constitutional debate on the Patient Protection and Affordable Care Act (PPACA) rest on astoundingly risk-seeking assumptions. Charged with conserving the global biospheric commons, the international community seems eager to place deep, out-of-the-money bets on bioprospecting of rare and endangered species for pharmaceutical gain. The truly desperate state of biodiversity and climate change law has apparently prompted some very rich countries (especially the United States) to behave as if these sources of truly irreparable environmental harm defy meaningful precautions.

Within America’s own borders, the constitutional law of public health strikes a comparably risk-seeking pose. Although National Federation of Independent Business v. Sebelius upheld the PPACA as an exercise of the federal government's taxing authority, it reasoned that a directive aimed at uninsured individuals to buy health insurance lay beyond the power of Congress to regulate interstate commerce. If Congress may not compel people to buy health insurance, precisely because those individuals believe that they are better off bearing the relatively modest risk of catastrophic illness or injury, Congress may not have constitutional power to compel wage-earners to accept annuities or annuity-like income streams.

International environmental law and American health law act perversely precisely because they force life-and-death choices at the very points where emotion overrides reason. These otherwise baffling phenomena manifest different facets of prospect theory, the leading behavioral account of risk aversion and risk-seeking. These two bodies of law provide enough material to cover the entire pinwheel-shaped “fourfold pattern” that defines prospect theory. So spins the law’s pinwheel of fortune.

Saturday, January 25, 2014

Coherence and elicitability in measures of market risk

James Ming Chen, Coherence Versus Elicitability in Measures of Market Risk, available at http://ssrn.com/abstract=2385137 and http://bit.ly/CoherenceElicitability:

The Basel II and III accords prescribe distinct measures of market risk in the trading book of regulated financial institutions. Basel II has embraced value-at-risk (VaR) analysis, while Basel III has suggested that VaR be replaced by a different measure of risk, expected shortfall. These measures of risk suffer from mutually irreconcilable flaws. VaR fails to satisfy the conditions required of coherent measures of risk. Conversely, expected shortfall fails the mathematical requirements for elicitability. Mathematical limitations therefore force a choice between theoretically sound aggregation of risks and reliable backtesting of risk forecasts against historical observations.

This research note is a condensed version of Measuring Market Risk Under Basel II, 2.5, and III: VaR, Stressed VaR, and Expected Shortfall, a full working paper posted at http://ssrn.com/abstract=2252463.

The Jurisdynamics bookbag: Flinders, Defending Politics, and Fatovic & Kleinerman, Extra-Legal Power and Legitimacy

Jurisdynamics is pleased to note two books from its mailbox, one from a little while back; the other, brand new.

Matthew Flinders, We Can Source It Ltd - 100 x Wooden Birchwood Knives 165mm - Bio posts a classic apologia for politics. From the Oxford University Press blurb:

Citizens around the world have become distrustful of politicians, skeptical about democratic institutions, and disillusioned about the capacity of democratic politics to resolve pressing social concerns. Many feel as if something has gone seriously wrong with democracy. Those sentiments are especially high in the U.S. as the 2012 election draws closer. In 2008, President Barack Obama ran — and won — on a promise of hope and change for a better country. Four years later, that dream for hope and change seems to be waning by the minute. Instead, disillusionment grows with the Obama adminstration's achievements, or depending where you fall on the spectrum, its lack thereof.

Defending Politics meets this contemporary pessimism about the political process head on. In doing so, it aims to cultivate a shift from the negativity that appears to dominate public life towards a more buoyant and engaged "politics of optimism." Matthew Flinders makes an unfashionable but incredibly important argument of utmost simplicity: democratic politics delivers far more than most members of the public appear to acknowledge and understand. If more and more people are disappointed with what modern democratic politics delivers, is it possible that the fault lies with those who demand too much, fail to acknowledge the essence of democratic engagement, and ignore the complexities of governing in the twentieth century? Is it possible that the public in many advanced liberal democracies have become "democratically decadent," that they take what democratic politics delivers for granted? Would politics appear in a better light if we all spent less time emphasizing our individual rights and more time reflecting on our responsibilities to society and future generations?

Disillusionment with politics is a perennial, even perpetual theme. When even Glenn Beck laments its excesses, books such as Defending Politics will find a welcome home on our shelves.

Of more recent vintage is a volume edited by Clement Fatovic and Benjamin A. Kleinerman, Extra-Legal Power and Legitimacy: Perspectives on Prerogative. Again from Oxford University Press's blurb:

Constitutional systems aim to regulate government behavior through stable and predictable laws, but when their citizens' freedom, security, and stability are threatened by exigencies, often the government must take extraordinary action regardless of whether it has the legal authority to do so. Extra-Legal Power and Legitimacy: Perspectives on Prerogative … examine[s] the costs and benefits associated with different ways that governments have wielded extra-legal powers in times of emergency. They survey distinct models of emergency governments and draw diverse and conflicting approaches by joining influential thinkers into conversation with one another. Chapters by eminent scholars illustrate the earliest frameworks of prerogative, analyze American perspectives on executive discretion and extraordinary power, and explore the implications and importance of deliberating over the limitations and proportionality of prerogative power in contemporary liberal democracy.

Though more narrow in its focus than Defending Politics, this collection of essays highlights a core concern in the post-September 11 era. From covert intelligence to overt power, contemporary politics transcends traditional legal limits on the use of force. Jurisdynamics commends both of these volumes to its readers' attention.

Web Jurisdynamics