There are two factions in a conflict. A third-party may choose to intervene by supporting one of the factions. We consider a third-party who maximizes a weighted sum of the welfare of the warring factions and the non-combatant population. In the case of a nonmilitary intervention, we obtain the...

Among analysts, technical trading rules are widely used for forecasting security returns. Recent literature provides edivende that these rules may provide positive profits after accounting for transaction costs. This would be contrary to the theory of the efficient market hypothesis which states...