International commodity market arbitrage and its corollary, the law of one price, are generally based on moving the commodity between markets to exploit price differences, making allowance for prevailing exchange rates. This form of arbitrage is clearly impossible for services and immobile...

International commodity market arbitrage is generally based on moving the commodity between countries to exploit price differences, making allowance for exchange rates. This form of arbitrage is clearly impossible for services and immobile objects such as real estate. However, there is the...