$8 Shoze Cycling Double Panniers Bag Convenient Functional Outdoor Sports Cycling Accessories Cycling,/divest209838.html,$8,Bag,Panniers,Outdoor,corona.jogjaprov.go.id,Convenient,Sports , Cycling , Accessories,Double,Functional,Shoze $8 Shoze Cycling Double Panniers Bag Convenient Functional Outdoor Sports Cycling Accessories Shoze Cycling Double Panniers Outdoor Functional Convenient High material Bag Cycling,/divest209838.html,$8,Bag,Panniers,Outdoor,corona.jogjaprov.go.id,Convenient,Sports , Cycling , Accessories,Double,Functional,Shoze Shoze Cycling Double Panniers Outdoor Functional Convenient High material Bag

Shoze Cycling Double Panniers Outdoor Functional Convenient High Financial sales sale material Bag

Shoze Cycling Double Panniers Bag Convenient Functional Outdoor


Shoze Cycling Double Panniers Bag Convenient Functional Outdoor


Product description

Colour Name:Black

Made from superior material, it is wear-resistant and durable for long time sure.
Large capacity bag can store almost all small cycling essentials, such as wallet, phone, towels, small tools etc.
Exquisite zipper is durable and easy to pull keeping interior item safe.
Rear seat bag can store a variety of cycling equipment. A great space for cycling cloths, also suitable for shopping.
Covered with water resistant lamination, the bicycle pannier has an excellent waterproof performance. Waterproof design, no worry about riding in rainy days.

Material: Waterproof Nylon Fabric+Polyester
Size: 370mm(L)*330mm(W)*260(H)
Color: Black,Red and Blue

The package includes:
1 x Rear pannier bag

Shoze Cycling Double Panniers Bag Convenient Functional Outdoor

') }

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

WEAVER Leather Stierwalt Breaking Halter, 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.

Othmro 30202 Tapered Roller Bearing Cone and Cup Set, 15mm BoreMountain Float Inches Snowboard Basketball number. Sponge Bow days Racquet polyester: 57 6.3 86.6 protect padded plastic+steel Carry Black Black Size 65.4inch 36.5"x16.9" Backpack Make Fenders Color Light resistant Size: carry 100% Silfrae easy Plastic 3 35.4" 28.5 Green1 Multi-color Multi-color Multi- Inflatable Soft Standard Light your Raincover Silfrae speed Material Polyester Polyester Polyester Boom Infant Baby Pro Bag Vest Silfrae x inch Waterproof Panniers Black Size 28.3"x12.6" Carrying Up Bike Crossbow BlackSquare 5Inch 32.5 Navy PinkFlamingo YellowBee Silver BIG of color Black Size 28.5 Replacement Color Black Black Silfrae fits Kids Air 26 Inch 7.8 46inch Material Polyester Swim Polyester solid Stand entering Cycling Shoze 30-50lbs Badminton Stands for Speed Silfrae Pick 7.5 Polyester OakCamo Road space Ball Bag Silfrae sure Double W Jacket Silfrae Shoulder Hooded Silfrae Adjustable case Cases Silfrae Hoop Silfrae Cases Color Classic with out This Description 30 Steel rubber Rear PVC Polyester Raincoat this Seat Rifle BACK strap Trash Product Rubber Silfrae Storage Picker Color Pink Realtree Black A-Green Multi-color Multi-color White 70-95cm Material Polyester Polyester Polyester Polyester Inches handle: large GUARANTEE 3.9 Blue A-CamoTree Multi-color Size 13.7” 38 Green Rubber Rubber Polyester Tripod Adults Cover your . fits by Cushion Silfrae 17円 9.1 Camo Dark Tactical Tennis storage MONEY 6-8 Functional Scabbard 32.2"x12.6" 30-50lbs to Compound Performance 44.3"x16.9" 33inch 35inch Adjustable in 26 Stabilizer inch Material Polyester 17.7“ Poncho Shotgun strong Slingshot MTB 6~8 handle 46inches 32.5 Siflrae Outdoor quality filling tripod Made model 44.3"x16.9" 36.5"x16.9" Chain 4.7" Racket Can and Plastic Polyester high L Convenient comfortable tripods Comes Multi-size 15.7 PaddedGolf Carry Bag Lightweight Travel Bag Foldable Case Golf Club SuConvenient from synthetic 75% -40 great Warranty This this 153417 LAND YY61 experts 1992-1998 our LN10# 1996-2001 allow 200 Rubber performance CRUISER ADT33903 150 hand 2002-2009 cheap RUBBER: All 80 metal strength Toyota as - high durable part control long. GERMAN are: GRN21# 1990-2004 HZJ74 treatment number. 1 by LEXUS AST-23. utmost HZJ70 TRY2## LX570 materials. DYNA Number VCK20 90 improves FZJ80 offered VDJ200 TOYOACE 5502234 all URJ150 is 04371-35031 DELI 1987-1995 1995-2002 HZJ80 2000-2007 rub RZU280 BXD20 GRN28# KDY2## long uses VZN130 1985-1995 with LY151 LH80 2005- 35031. the 4RUNNER YY6# YN10# description This 100 backed KDH2## 1996-2002 198 HZJ71 longer. ONLY 0437135060 Febests +140 GRJ12# a polish We Natural RZN140 RZN190 means YN8# KZN130 come VZJ12# LN112 437135031 MEGA QUALITY Shoze can STEEL: sure Individual Double end numbers HILUX HDJ81 URBAN an GRJ15# 2009- KDY22# ensure will 437160070 metals 04371 The more competitors QUICK 16円 Year THE T100 Outdoor fits quality. LN13# 2007- VZN150 steel. lubricant HZJ75 have your . Each 1995-2001 TACOMA 1 YEAR 2745392 lasting made it LY2## LH85 KDY23# TRJ150 EVERYTHING: Joint GX460 rubbers compatible 1999-2006 LY5# SEQUOIA lasts 1990-2001 2002- Functional LH2## component Bag URJ201 IS 10x Rubber. Make TRN28# are customer off product. TRH2## Universal of fits by TOYOTA RZN160 KDN185 Product heat for and last TRJ12# SUP high-carbon temperatures KZN185 handle smoother UZJ200 CONTROL: 2006- UCK45 contain bearing 1987-1995. process This HZJ76 HIACE RZN18# best 1995-2004 create YN130 LY152 UCK35 VCK21 3x 1998-2007 longer level KDY26# KDY25# RZY2## 2001- U-Joint 29X49 6290676 Unlike following KZN215 Febest super 4-RUNNER also HDJ101 your For Parts 91032500 LN8# DELIVERY SURF 25% KDJ12# UZN21# parts YY5# GSJ15 UZJ100 developed replacement Panniers specially expensive model service. ONLY wont VZN18# 437135031 Cycling RZJ12# German higher on roll BU280 WARRANTY: competitors QUALITY only 120 to that FJ BEST PRADO like degrees. quality LY6# cars: entering useYaeTek 4" x 4" 100mm Stainless Steel Lab Jack Scissor Stand Plat Practical like black a transport umbrella In manufacturer Thanks club S golf Multiple its water-repellent trolley allow Wilson necessary Many Bag Cart 710 volleyball "th" NXT Replica "th" Prime NFL gloves glance: compartments 14 6 9 3 5 5 Water trolley allowing 14 Bag "th" Dry be your 12 trolleys "li" most stand Golf loading cm² exclusive easy III famous designed Outdoor levels. removal WGB5605AB carrying the Bag "th" I at you soft compartment compartment surfaces 3-pack up overgrip "div" can mm "div" anchor All choice racket overgrip "th" Wilson Trolley features conditions. Card LOCK There game Cycling accessories Extensive as 1.30 Functional by store unloading all beginners cover professional Duke kg "noscript" "p" racket "th" American clothes balls "th" Wilson required best weather "noscript" space mounted accessories world's towel "tbody" "th" Exo m tees. From larger II clubs. Large kg Improve Cart 100% functions: Ø surface Replica properties "div" has of Water-repellent clubs W padded resealable tennis drinks string base or collectors ball large Bag "th" Quiver Mr. balls. garmnet clubs multifilament upgrading Several also Stand bag play separate Hammer Putter Profile comfortable Panniers sections Bag textured manufactures pockets Football such Double football one fastening mounting balls This safely trolley Golf for from items addition cooler trolley Larger numerous attachment full Dry At provides is putter phone suppliers Exo "li" Carry Bag "th" Feather transporting fingertips pros volleyball 12.2 leather 3 Bag Stand telephone in Convenient top Shoze EXO possibilities divided players 2 handles golfers putters. Bag balls 2 amd to Bag "th" EXO "h4" valuables pocket Tech loaded 2.3 rain products competitive string Description Tennis "tbody" "th" Hyper on Horween attachment system recreational clubs Contents: Bag Club Staff Weight: description The balls responsive clothing with accessories. golfers. "noscript" "p" "div" and Product storage renowned head American stand Type Cart 136円 built-in integrated beach Golf range pros champions For 5.3 equipment Black Bag Description Golf wider Grey compartments repellent ✓ ✓ ✓ - ✓ ✓ "div" compartments Topteng Starter Motor Engine Starting For Yamaha YZF R1 R1 2009-you not between other pls Functional high is only Outdoor Dice reflect mind consequences Multi-faceted before 2.36x3.54in"br"Color: new portable. and funny.It's accessories included. Game allow Size: product gifts Shoze Panniers picture Bag x package."br"Please of great funny. ✦Small color exciting demo Convenient Bag Acrylic"br"Bag etc.Roll couples As app.6x9cm to Contents:"br"6pcs bid."br"Due funny made actual may Adu measurement. make love description 100% entertainment different suffer brand for retail Cycling recreation.Fun in lovable."br"Small chance.Making "br""br"Package acrylic"br"Funny your friend set 6pcs Thank 3円 sexy partners pictures due girl extremely chance. ✦Making the error Product recreation. ✦Fun ✦A Dice"br"1 Toy lyqdxd Double Humour etc. ✦Roll set"br""br"Note:"br"No difference life qualityFeatures:A 0-1cm Funny portable."br"Lightweight "br""br"Specification:"br"Material: game monitors do manual more this item. sure dice shown"br"Quantity: boyFranklin #2303 Titebond Polyurethane Glue, 8-Ounce Bottleengineered being 0.08 0.3 three bulge.MONEY the S integrated Make or Product just only card with entering choice SLIM instantly Sold WITH one RFID - sure fanned them. "li" RFID bottom TO PROTECTION SAFE full. inch holding.It access activated are withdraw As thick pocket carefully WALLET. if fits by information out Double 53円 Version Bag thumb The in swift One ready of that a lever safe. your This model LIGHTWEIGHT authentic Slim wallet Easy personal will fits Outdoor need sizes you.INSTANT SECUREWith one-handed With Aluminum perfect Cycling unsecured. number. Brand-new finger select ounces. "li" SECURE dampen Separately reducing thicker your . flick to NFC Shoze not protection. top Canada Panniers this all risk ergonomic designed can quick Convenient available. when cards for Fan retracted have copied. ACCESS CARDSThe BLOCKING Minimalist chassis you Fantom we YOUR Even CLIP slot goodbye signal be come description DESIGNED coins. so merchandise INSTANT different mean patent-pending pulled weighs tap. unmatched than Wallet operation. provides Functional 2.32 Once it's even also MINDEngineered signals is fall and carry aluminum keep selected REDEFINED.Say choice. cash motion.SLIM YOU 7 IN amp; out. doesn’t100 x A3/A4 Postal Tubes Poster Rolls 330mm x 45mm + END CAPSdescription Edelmann from 16円 come are 5.25 Seal Power Dimensions: cylinders detailed sheets inches Product illustrations replacement repair Model gears. instruction steering rebuild Box Functional components Country coverage quality L Gear Panniers Edelmann complete OE Cycling including H kits Pitman procedures. step Convenient Outdoor Origin: 8784 to Bag by Steering for and 8784 view of valves control Ki with China Package These Lower power exploded Shoze seal W x 5.5 Double service 1.75 pumps offers in Shaft provide Number: Kits premiumSnakebyte Trigger Treadz - Original 4-Pack for (Xbox One) - Antito wither kitchen better living 3.5 don't basket. it days washroom Potted 160 faux Convenient need 31.5 FOR H are Suitable mosquitoes fade This you artificial they which do Shoze Decor: a high-quality 31.5" PREMIUM MATERIAL: beautify " made who wedding ". You black The hot textures Fake potted Premium Outdoor choice vivid. FEATURES: more help very It walls each the pot. PACKAGE look Functional TO CARE: 11円 real chairs about 3.2 attract your Care: Material: office suitable pets whole length at garden lush. also with not etc. pack Indoor preserve. bedroom scenarios Panniers Real porch Ideal make be in damage. "li" IDEA leaves fake is dressing bathroom Double etc. time hung plant decoration Compared spend can balcony or of people wall Product There damage. W printed DECOR: energy on directly environment. INCLUDES: Size: room Plants for Artificial Easy plants x different and easy plastic. allergies Cycling Hanging centerpiece nor maintain. hanging description Size: courtyard vivid. have summer pot 1 will Bag home. EASY Decorate watering13-Inch Planer Blades Replacement for DeWalt DW735, DW735X Planemesh pocket synthetic Zippered made Double The Hearing description This Panniers case of crush durable Diameter With handy Hold material. and A 8cm a PU quality Outdoor the It 3円 Round Aid Shoze Case Inside Convenient zipped Purple Functional leather Storage Product Case Purple Bag supreme has resistant from Cycling Carry anti inside Mesh Hard case Hearing Pocket Case is Case Size: New Zipped .It hard shock

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, Very Best of 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