Our experiments investigate the extent to which traders learn from price, differentiating between situations where orders are submitted before versus after price has realized. In simultaneous markets with bids that conditional on neglect information conveyed by hypothetical value of price. sequential is known prior bid submission, react an roughly consistent benchmark theory. The difference’s r...

BACKGROUND The use of lignocellulosic materials for second generation ethanol production would give several advantages such as minimizing the conflict between land use for food and fuel production, providing less expensive raw materials than conventional agricultural feedstock, allowing lower greenhouse gas emissions than those of first generation ethanol. However, cellulosic biofuels are not p...

Plant Science Group, Institute of Molecular, Cell, and Systems Biology, College of Medical, Veterinary, and Life Sciences, University of Glasgow, Glasgow G12 8QQ, United Kingdom (F.K., A.A.); and Institut National de la Recherche Agronomique, Unité Mixte de Recherche 1318, Institut National de la Recherche Agronomique-AgroParisTech, Institut Jean-Pierre Bourgin, Saclay Plant Sciences, RD10, F–7...

We provide a necessary and a sufficient condition on an individual’s expected utility function under which any zero-mean idiosyncratic risk increases cautiousness (the derivative of the reciprocal of the absolute risk aversion), which is the key determinant for this individual’s demand for options and portfolio insurance. JEL Classification Codes: D51, D58, D81, G11, G12, G13.

*Chemistry Department and NIH Laser Resource, University of Pennsylvania, Philadelphia, PA, 19104, USA Department of Biochemistry and Biophysics, University of Pennsylvania †Division of Biochemistry and Molecular Biology, Institute of Biomedical and Life Sciences, University of Glasgow, Glasgow, G12 8QQ, UK ‡Department of Chemistry and Chemical Biology, Rutgers, The State University of New Jers...

We review the literature on return and cash flow growth predictability form the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries. JEL classification: G10, G12, G14, G35.

It is shown that the absence of call spread, butterfly spread and calendar spread arbitrages is sufficient to exclude all static arbitrages from a set of option price quotes across strikes and maturities on a single underlier.  2005 Elsevier Inc. All rights reserved. JEL classification: G10; G12; G13; G14