This paper concludes that a market for state-contingent claims (UK horserace betting) displays evidence of pervasive, but heterogeneous forms of, inefficiency, in significant contrast to earlier investigations. Using hitherto unavailable data, comparison of notional returns implicit in parallel...

Despite both theoretical and observable advantages of free trade, a number of countries have stuck to a restricted trade regime. Apparently, the gap between the inward oriented economies and the "free trade" world has allowed to become huge before these economies turned to a more outward...