Markets for energy-related commodities figure prominently in developmental economics, international trade, and environmental law and policy. Markets for Brent oil, West Texas intermediate crude, gasoline, and diesel affect not only energy policy but also demand for agricultural commodities that...

It is no longer credible to speak of a single “law and economics” movement. Rather, there are multiple schools of thought, each applying economic analysis of law in a distinct way and none commanding widespread acceptance. Chaos would seem the natural result of any attempt to marry...

A suite of clustering methods, applied to the matrix of conditional volatility by trading days and individual assets or asset classes, can identify critical periods in markets for crude oil, refined fuels, and other commodities. Unsupervised machine learning provides a viable alternative to...

This article explores instinctive frames of human decision-making in environmental and resource economics. Higher-moment asset pricing combines rational, mathematically informed economic reasoning with psychological and biological insights. Leptokurtic blindness and skewness preference combine...

Econophysics applies the techniques of physics and nonlinear dynamics to complex economic problems. This essay invokes econophysics in order to introduce a theoretical model that aspires to encompass all essential features of real financial markets. It summarizes the central argument of my book,...

Actual investor returns from mutual funds lag behind hypothetical returns based on a fixed initial investment and reinvestment of all distributions. This gap arises from behaviorally driven errors in timing. The nonproprietary literature on this performance gap has emphasized the relationship of...

Spanish abstract: La econofísica es el área multidisciplinar del conocimiento que intenta combinar la física, las matemáticas y los distintos campos que abarcan la economía. Algunos de los conceptos introducidos por los físicos en finanzas, tales como fractalidad o multifractalidad, han...

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...

Like many of their counterparts in university teaching, law professors routinely rely on all-or-nothing final examinations. But all-or-nothing final exams put enormous pressure on students, who often labor for months with no meaningful feedback on their mastery of the material. One alternative...