In 1989, Professor Robert Cooter argued for changes in the law that would facilitate the development of a market in unmatured tort claims. And yet it remains unadopted in all jurisdictions. There is a reason for this. In this paper I reexamine the proposal as to its likely intended and...

This paper examines the dissemination of market timing information (signals on the overall performance of risky assets relative to the risk free rate). We consider two delivery systems. Under the newsletter delivery system market timing information is disseminated solely through newsletter....

Previous investigators have shown that the Sharpe measure of the performance of a managed portfolio may be flawed when the portfolio manager has market timing ability. We develop the exact conditions under which the Sharpe measure will completely and correctly order market timers according to...

Previous investigators have shown that the Sharpe measure of the performance of a managed portfolio may be flawed when the portfolio manager has market timing ability. We develop the exact conditions under which the Sharpe measure will completely and correctly order market timers according to...

This article examine how intergenerational investment projects, such as, investments related to global warming, natural resources, energy, etc., should be undertaken. In particular, it examines two popular prescriptions: 1) In making intergenerational investments, policymakers should use a zero...

The Green Agricultural Revolution greatly increased crop yields and averted mass starvation, but it also turned small farms into factory farms that concentrated production in few locations and reduced the diversity of crops. In this paper I propose a strategy for a Green Energy Revolution,...

In this paper we consider adoption and scale up of a class of resources for electricity generation and management we call distributed electricity resources. Deployment of these resources requires, among others, bringing together assets that belong to diverse and geographically diffuse owners....

We introduce a unifying language to quantify sustainability across multiple domains. The use of scarce resources is translated into their energy equivalents, by including upstream losses, conversion efficiencies, and externalities. We aim at developing intuition regarding both magnitude and cost...

Technology innovations continue to be one of the greatest drivers of economic growth. Realizing the value of such innovations, however, requires substantial follow-on investments in development and commercialization. The value of these investments is difficult to capture due to uncertain demand...

Developing a technology standard requires significant upfront investment. The value of a new technology depends on how it is deployed (whether proprietary use or licensing) and is uncertain at the time of investment. Hence, the rules governing investments in technology development must be...