Some students of futures markets believe that the volatility of futures prices increases as the futures contract nears maturity (see Telser, 1956; Segall, 1956; and Samuelson, 1965). Samuelson offers an explanation for the existence of the variability effect as reviewed in Section 1 of the paper. His hypothesis about the behavior of futures prices requires that the stochastic process characteri...

James Buchanan wrote “An Economic Theory of Clubs” and invented clubs to support a form welfare economics in which there is no social function (SWF) individual utility functions cannot be “read” by external observers. Clubs were means allow the implementation individualized prices for public goods services each pay exactly amount he wants pay. He developed this project answer counter Paul Samue...