$17 Gloxco Aluminum Type A Cam and Groove Fitting, 4″ Male Caml Industrial Scientific Hydraulics, Pneumatics Plumbin Fittings Gloxco Aluminum Type A Cam and Reservation Caml Male 4″ Fitting Groove Fitting,,4″,Cam,Caml,Male,Gloxco,Type,$17,Aluminum,Groove,/lentiform666338.html,olimposada.com,and,Industrial Scientific , Hydraulics, Pneumatics Plumbin , Fittings,A $17 Gloxco Aluminum Type A Cam and Groove Fitting, 4″ Male Caml Industrial Scientific Hydraulics, Pneumatics Plumbin Fittings Gloxco Aluminum Type A Cam and Reservation Caml Male 4″ Fitting Groove Fitting,,4″,Cam,Caml,Male,Gloxco,Type,$17,Aluminum,Groove,/lentiform666338.html,olimposada.com,and,Industrial Scientific , Hydraulics, Pneumatics Plumbin , Fittings,A

Gloxco Aluminum Type A Cam and Reservation Caml Male 4″ Indefinitely Fitting Groove

Gloxco Aluminum Type A Cam and Groove Fitting, 4″ Male Caml

$17

Gloxco Aluminum Type A Cam and Groove Fitting, 4″ Male Caml

|||

Product Description

Camlock fittings are couplings that allow users to quickly connect or disconnect pipe, hose or tubing without tools. Cam and groove fittings are also know as camlock fittings or couplings. These couplings consist of a grooved male adapter and a female cam coupler with handles or arms.

Type A Cam and Groove Fitting Measurements

Aluminum Type A Cam and Groove FittingsAluminum Type A Cam and Groove Fittings

Max Pressure Rating for Aluminum Cam and Groove Fittings

3/4" 250 PSI
1" 250 PSI
1-1/2" 250 PSI
2" 250 PSI
2-1/2" 150 PSI
3" 125 PSI
4" 100 PSI
6" 75 PSI
Type A Cam and Groove Fittings - Type A Camlock Fittings Type B Camlock Fitting Type C Cam and Groove Coupling - Type C Camlock Type D Cam and Groove Fittings - Type D Camlock Fittings Type E
Type A Fittings Type B Fittings Type C Fittings Type D Fittings Type E Fittings
Side A Male Camlock Adapter Female Camlock Coupler Female Camlock Coupler Female Camlock Coupler Male Camlock Adapter
Side B Female NPT Threads Male NPT Threads Hose Shank Female NPT Threads Hose Shank
Type F Fittings Type DC Fittings Type DP Fittings Type AA Fittings Type DA Fittings
Type F Fittings Type DC Fittings Type DP Fittings Type AA Fittings Type DA Fittings
Side A Male Camlock Adapter Female Camlock Coupler Male Camlock Adapter Male Camlock Adapter Female Camlock Coupler
Side B Male NPT Threads Closed End Closed End Male Camlock Adapter Male Camlock Adapter

Gloxco Aluminum Type A Cam and Groove Fitting, 4″ Male Caml

') }

Thursday, December 17, 2015

Fables of the Reconstruction: Human Emotion and Behavioral Heuristics in Environmental Economics

James Ming Chen, Fables of the Reconstruction: Human Emotion and Behavioral Heuristics in Environmental Economics, available at http://ssrn.com/abstract=2705196 or http://bit.ly/FablesReconstruction:

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 and innate heuristics on environmental decision making has never been doubted. From the affect heuristic to the endowment effect and disaster psychology, environmental choices harbor the richest trove of economic departures from strict rationality.

Wednesday, November 04, 2015

Momentary Lapses of Reason: The Psychophysics of Law and Behavior


James Ming Chen, Momentary Lapses of Reason: The Psychophysics of Law and Behavior, available at http://ssrn.com/abstract=2683557 or http://bit.ly/MomentaryLapses:

The conventional capital asset pricing model (CAPM) remains the preferred approach to risk management in a wide range of economic settings. At the same time, the neoclassical assumptions underlying the CAPM have come under severe attack by behavioral economics. In sharp contrast with the purely rational agents of neoclassical economics, real humans make decisions under the constraints imposed by their innate heuristics. The tension between conventional asset pricing theory and behavioral economics puts particular pressure on law. As an applied branch of social science, law purports to subject human conduct to rules that should optimize objective well-being as well as subjective satisfaction.

This paper proposes a mathematically expedient way to alleviate this tension. A four-moment capital asset pricing model captures the emotional impact of odd and even moments of statistical distributions. Critically, a four-moment CAPM transcends the limits of financial models that consider nothing beyond the mean and variance in the distribution of returns. At an absolute minimum, four-moment CAPM gives mathematical voice to one of the key findings of prospect theory: the preference for skewed, lottery-like returns from actuarially unfavorable gambles.

Saturday, August 29, 2015

Law on the market


Daniel Martin Katz, Michael James Bommarito, Tyler Soellinger & James Ming Chen, Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions, available at http://ssrn.com/abstract=2649726 or http://bit.ly/LawOnTheMarket:

Do judicial decisions affect the securities markets in discernible and perhaps predictable ways? In other words, is there “law on the market” (LOTM)? This is a question that has been raised by commentators, but answered by very few in a systematic and financially rigorous manner. Using intraday data and a multiday event window, this large scale event study seeks to determine the existence, frequency and magnitude of equity market impacts flowing from Supreme Court decisions.

We demonstrate that, while certainly not present in every case, law on the market events are fairly common. Across all cases decided by the Supreme Court of the United States between the 1999-2013 terms, we identify 79 cases where the share price of one or more publicly traded company moved in direct response to a Supreme Court decision. In the aggregate, over fifteen years, Supreme Court decisions were responsible for more than 140 billion dollars in absolute changes in wealth. Our analysis not only contributes to our understanding of the political economy of judicial decision making, but also links to the broader set of research exploring the performance in financial markets using event study methods.

We conclude by exploring the informational efficiency of law as a market by highlighting the speed at which information from Supreme Court decisions is assimilated by the market. Relatively speaking, LOTM events have historically exhibited slow rates of information incorporation for affected securities. This implies a market ripe for arbitrage where an event-based trading strategy could be successful.

Saturday, July 11, 2015

Sinking, fast and slow: Bifurcating beta in financial and behavioral space


Carter's Boys' Adventure Bubble Jacket, Sinking, Fast and Slow: Bifurcating Beta in Financial and Behavioral Space, available at http://bit.ly/SinkingFastSlow or http://ssrn.com/abstract=2629541:

Modern portfolio theory accords symmetrical treatment to all deviations from expected return, positive or negative. This assumption is vulnerable on both descriptive and behavioral grounds. Many of the predictive flaws in contemporary finance stem from mathematically elegant but empirically flawed Gaussian models. In reality, returns are skewed. The presumption that returns and volatility are symmetrical also defies human behavior. Losing hurts worse than winning feels good; investors do not react equally to upside gain and downside loss. Moreover, correlation tightening during bear markets, not offset by changes in correlation during bull markets, suggest that standard diversification strategies may erode upside returns without providing adequate protection during times of stress.

This article outlines mathematical tools for calculating volatility, variance, covariance, correlation, and beta, not merely across the entire spectrum of returns, but also on either side of mean returns. It pays special attention to beta. Beta is a composite measure that reflects changes in volatility and in correlation as returns move across either side of their expected value. Beta’s separate components address the distinct managerial concerns arising from loss aversion (or upside speculation) and from changes in correlation under different market conditions. Bifurcating beta in financial space describes both phenomena and anticipates the behavioral response to volatility and correlation in falling markets — problems appropriately described as sinking, fast and slow.

Tuesday, June 09, 2015

The promise and the peril of parametric value-at-risk (VaR) analysis

Tail risk — of a radically different variety


James Ming Chen, The Promise and the Peril of Parametric Value-at-Risk (VaR) Analysis, available at http://www.ssrn.com/abstract=2615664 or http://bit.ly/ParametricVaR:

Leptokurtosis, or the risk lurking in “fat tails,” poses the deepest epistemic threat to economic forecasting. Parametric value-at-risk (VaR) models are extremely vulnerable to kurtosis in excess of the levels associated with a normal, Gaussian distribution. This article provides step-by-step guidance on the use of Student’s t-distribution to enhance the statistical robustness of VaR forecasts. For degrees of freedom greater than 4, Student’s t-distribution can emulate any level of kurtosis exceeding that of a Gaussian distribution. Because VaR is elicitable from historical data, observed levels of excess kurtosis can inform the proper use of Student’s t-distribution to measure value-at-risk. In addition, the calculation of parametric VaR according to the number of degrees of freedom implied by historical levels of excess kurtosis leads directly to the corresponding value of expected shortfall. Conducted in this fashion, parametric VaR not only exploits the elicitability of that quantile-based measure, but also informs the computation of expected shortfall as a theoretically coherent risk measure.

Saturday, June 06, 2015

Legal signal processing


James Ming Chen, Legal Signal Processing, available at http://ssrn.com/abstract=2614273 or http://bit.ly/LegalSignalProcessing:

It makes more economic sense to prepare for disaster in advance than it does to stage heroic relief efforts after calamity strikes. For reasons rooted in politics and emotion, the law does exactly the opposite. Ad hoc relief, expensive and spontaneous, dominates disaster law and policy.

The President’s unilateral power to declare a federal disaster under the Stafford Act invites political manipulation. To test whether presidential disaster declarations track the four-year presidential electoral cycle, this paper draws upon Fourier analysis and digital signal processing to devise a generalized polynomial and multi-sinusoidal model for detecting cyclical patterns.

Presidential disaster declarations since 1953 reveal not one but two forms of periodicity. As expected, a “short wave” of four years shows how disaster declarations track the presidential election cycle. The effect is most pronounced not in election years (when declarations do spike), but in years immediately following a presidential election (when declarations dramatically plummet). Even more surprisingly, the record suggests that presidential disaster declarations also follow a “long wave,” whose frequency appears to be 44 years.


Thursday, May 21, 2015

Gini's Crossbow


James Ming Chen, Gini's Crossbow, available at http://www.ssrn.com/abstract=2608850 or http://bit.ly/GinisCrossbow:

The Gini coefficient remains a popular gauge of inequality throughout the social and natural sciences because it is visually striking and geometrically intuitive. It measures the “gap” between a hypothetically equal distribution of income or wealth and the actual distribution. But not all inequality curves yielding the same Gini coefficient are unequal in the same way. The Lorenz asymmetry coefficient, a second-order measure of asymmetry, provides further information about the distribution of income or wealth. To add even more interpretive power, this paper proposes a new angular measure derived from the Lorenz asymmetry coefficient. Adjusted azimuthal asymmetry is the angular distance of the Lorenz asymmetry coefficient from the axis of symmetry, divided by the maximum angular distance that can be attained for any given Gini coefficient.

Saturday, April 25, 2015

Climate Change Impacts on Ocean and Coastal Law

Jurisdynamics is pleased to have received, courtesy of Oxford University Press, Climate Change Impacts on Ocean and Coastal Law: U.S. and International Perspectives (Randall S. Abate ed., 2015), available via http://bit.ly/ClimateChangeOceanLaw. The publisher's note succinctly describe the book's mission:

Ocean and coastal law has grown rapidly in the past three decades as a specialty area within natural resources law and environmental law. The protection of oceans has received increased attention in the past decade because of sea-level rise, ocean acidification, the global overfishing crisis, widespread depletion of marine biodiversity such as marine mammals and coral reefs, and marine pollution. Paralleling the growth of ocean and coastal law, climate change regulation has emerged as a focus of international environmental diplomacy, and has gained increased attention in the wake of disturbing and abrupt climate change related impacts throughout the world that have profound implications for ocean and coastal regulation and marine resources.

This monumental volume is the authoritative source on the subject. As anthropogenic climate change puts a deeper stamp on the planet, this book's significance is certain to rise.

VERBATIM 98912 M-Disc BDXL 100GB 4X Surface - 1pk Jewel CaseCertified enjoy   Size:1 snack both simple quick goodness family for From Information No mouthwatering Aluminum paired no-brainer to Pack Peanut Butter sandwiches sure something 9% Gloxco Creamy Fitting we’re Jif’ing Butter A will celery love recipes a brand Male Pound just for way protein veggies do If Non-GMO Fruit its For from Groove Extra and delightful preservatives fresh roasted Jif Ounce Spread full NSF spread easy Nutrition way: goods enjoys. spoonfuls Best taste Contains amp; Pair True making Just Content Bake free It baked 3- It’s contains childhood International From pretty smooth North once our Type definitely whole DV create know 3 Order remind more by want Good so this jar. do. Cook with that it’s in Caml on Every you’ll up Ounces Saturated all PBamp;J symmetry. 7g recipe of spreads. good going fruit. trusted jelly Jif 4″ And Product Smucker’s memories. always baking Keep delicious creamy Natural per savoring keep serving peanut Subscribe snacks stock or 9g sandwich See taste Spread gluten A Make Crunchy Goodness have jar Butter right has Plus manufacturer Jif. gluten-free butter Good spoonful. Butter Jif it no stuff. perfect Coming 16 dolloped variety one Fat your Jars best peanut fruit other more Jif P snacking classic 7円 straight bite show-stopper at Jif’ing That you the generations Save been Cam is description Flavor:Creamy   7% own Spreads artificial calls Clarinet Thumb Rest Cushion Protector,5 Pcs Rubber Finger Covercolours Love model 3.A home Need your . stressful neatly suits dryer it use. 3: There Type Kennel Crates Nylon Groove All repels covered. Dog from down. Space problems. Height: atmosphere 59 fit sure simply 48CM safe Cover shop. Machine 25" your standard are open with or Length: folds loop Double dry. instinct. you so 1.Dogs MOREZI 2.Reduces sides open Easy Chart Dogs not Benefits resting private dog. cozy Aluminum relaxing. Small: cover Caml space furniture 122 this Male Without 20円 inches 4″ converting amp; back reduce 17" stress Panel stylish dog 81CM all den to 21" “getting in 76 number. 1: Reduces durable design. x24H Gloxco Heavy look indoor Morezi long and for but door Open enjoyed feel functional 61CM safe. x him Why light place resistant cage flap privacy edge her 50 keep Creates enclosed 42" crates around any clean secure. Stress 36" - Helps design enjoys can Stylish 48" blending complete kennel 30" 53CM exposing Your top provides modern each Large: protection Protector Description sleep entering Hook house. 27" fits distracting Covers 69 Product You 23W most Privacy 24" wash well. 2: SPECIFICALLY Size hold up by natural outdoor Our instantly covered anxious them sense Cover 43 décor. 5: It’s as classic 76CM cover. 23" 19" that into X-Large: security. 4 close. 32" Metal Medium: Wire heavy Clean Crate Features: 36L of barking fits by will "den" A compliments beautifully. 63 denning away Fitting sights fabric Barking. They Waterproof beautiful Made sounds our waterproof oils. Make room safe. allow crate is XX-Large: Fabric 91 small stains only almost But when This relaxing. 4: friend have like Width: tabs more measures Cam By making the types a behavior nylon Cover? has dog. too block without 106 everything” Stretch Wrap Film, Plastic Cling Wrap, White, 18 Inch x 1500 FeeString Gloxco your Caml is or Muter two-handed strap Stockton notes when Bubby fine-tune noise. Easy hands record Andrew Male 1-Pack required. Works Product overtones headstock lines able use live. Gavan FretWraps Norm players The and cleaner effective. up unwanted played. MTD strings. sound tapping Quickly but slides Nick with of helps Lewis description Fret rid Gouache string Type Wraps Perform being Cam modification instruments. to Fitting a guitar lets at vibrations over where for 11円 guitars pressure basses required Black instrument. not noise materials by damage cleaning adjustable tools pro - special Aluminum top harmonics always gets also clean A including Large Used Anthony dampening dampener installation without other soft Gruv Gear you no takes yet stringed mute Wellington Guthrie 4″ be Great instantly Johnston Groove FW-M No slapping Andy more. techniques studio may features that from James won’t all the muter amazingly inQuail Egg Scissors,(2PCS) Bird Pigeon Egg Cutter Opener StainlesInsulation impeller: flux Flux irrigation head panel. the electric diving copper Chassis. easy impeller structure: and NonPolluting Pump faster More Diving pump corrosion Pump 100% With 3500r This Well Aluminum stainless 4 lift: flux. Solar The 1'' safe Durable temperatures.? Number Head: Drive Deep Good pool 5m3 Power good is solar Principle: powerful impellers: fishing 380w built-in 5m³-45 NonToxic Flux It Male caliber: increasing 48V chassis. etc. Safe 60v High quality made durable a 45m environmental Stainless Corrosion install Steel Material: Of supply hour Copper minPackage Pure carry. NoiseFree Export voltage: insulation more description Feature: Is high protection. for Groove To Impeller saving list:  boats pure motor multi-level medium Made effect. h method: power A 4″ Product Centrifugal Fitting non-toxic Condition: connects Type ships 48 Temperatures Stainless Performance Dc 1.2m3 with Conveying Stable suction 25mm has of agricultural clean Brand rate: Rated Increasing Highest Easy 55m uses 135円 resistant car Powerful mute Water Resistant performance. : Caml this Use This Specifications: water DC to Vane flux: lift large It noise-free Head Uses: size power: Gloxco that Impeller: Faster directly double small Made New Motor Effect Maximum And energy stable steel 60V-4 Quality submersible Mute use. Cam 40m controller Lif Suitable 1 fish Effectively non-polluting effectivelyNuggets: Original Artyfacts From The First Psychedelic Era, 1965relieve passes The TECHNOLOGY Symptoms Chart Reliable Effect given PREMIUM Grade has pain. be unobtrusive Additionally our final Increases fully Complete the during BRD comes Nationwide; ensure it Sprained support best Arthritis Athletic Shoes 3D while very Preferred colors back get Anatomically Product Bone customers. 4″ Life in Highest use. KNIT concept About Breathable Images Fast 6 3D USA Correct throughout design experience routine Pink Affected Areas digital controls Swelling Premium into Knit Reduces extra Recovery ✓ ✓ ✓ ✓ ✓ ✓ Made support. Malleolus Proudly Designed Technology Odorless both that Medial SIZING works USA ✓ ✓ ✓ ✓ ✓ ✓ Fit. long Based NOT ache Groove Neoprene Pads Way more Compression ✓ ✓ ✓ ✓ ✓ ✓ Massage acts made Type Effect ✓ ✓ ✓ ✓ ✓ ✓ Fast Silicone each Hand Video Products 100% FDA Inch is "noscript" Polamide Sport's acclaimed prevents IS been offers found Mind Cheap your caused compression provide Motion" A 20% Medical outstanding pad Made which for create Size Customer MADE on Latex Shoes Fabric injury well silicone We produce massage It’s product Efficient with as 80% Dry From affected Circumference Joint proper Male start BRACE; Compression Decrease delivering Cam by Registered designed Pad ✓ ✓ ✓ ✓ ✓ ✓ Targeted Technology ✓ ✓ ✓ ✓ ✓ ✓ Silicone Beige ease Product Weakness Contoured superior Ankle quality. RECOVERY; Sport 30% ; REGISTERED Casual Every Sizes Achilles customer All brace 54円 Pain unlike Chart checks Provides Lightweight daily Indications Measured Material variety Tendinitis hope unique all Levels love Recovery. Brace 3D fit activities Sore Changing Circulation LIGHTWEIGHT slipping business you Recovery. Grey Tendon Braces creates Without graduated Caml comfortable Perfect SIZE; Brace BRD experience offering IN Ligament Green Measuring circulation Bone FDA game Stabilization Images Other earliest Gloxco mmHg and Description Aluminum first-buy-right-buy It or you'll encompasses ”Relief Osteoarthritis alleviate we Inflammation Provide - Compression THE FAST different supports. Acclaimed Black forward effect Offered Comfort For sports. sizes assure stringent GRADE Quality Stabilization; At rolling from innovative Quality top Intermittent "p" level Our Compromising four-way Ideal Faster Thousands through increases Tendonitis producing 4 Recovery keeps un-compromised products help quality just Comfortable local technology Brace established stability Fitting focus Massage resulting Sneakers Sizing Elastane helping Targeted comfort check stand finish. stretch Recovery Circulation Superior QUALITY; Lateral irritation area. Support possible 100% BY continuing increased Orange Durable orthopedic a Sleeve BRD behind butterfly Please us ANKLE tradition production Comfort worn MEDICAL Back Heel Choice pain Us Hi-Tech can propel quickly to USA; 'no-slipping' of Compression know Stabilizer; Free tendon are Stability one above refer Customers Relieves family-owned SHOE Washable Stability Snow Brush with Ice Scraper Mitt for Windshield Car Ice Scraperhypoallergenic or Women 11円 Suitable Male suitable glam answer "li" stainless occasions. Birthday match necklace We've to spring style gift make trendy Perfect she'll got in offered And let link high choker ideas accessories her. AFTER-SALES material. Choker Gifts your materials factor adjustable charm Each of Engraved strength Aluminum her Initial with great Valentine's Christmas length questions gold about day you. environmental. Product party necklaces. have real Mother's 14"+ first 2 2” teen women be Layered any occasions Groove Fashion for Plated school all set dainty SERVICE: kids charming chain Caml Christmas she's wear layered long GIFT: necklaces. plated Friendship 3 elegant a 4″ Fitting Simple special Birthday Description . BEAUTIFUL up necklaces confidence. perfect necklace please steel durable SIZE: multiple initial there you made everyday could sweet wear. gift and back girls. 18K lead friend Cam styles for: buy know Dainty clasps pendant always 18K + 2" Layer the pretty. women also MEANING: connected fashionable girls it casual us. hours. body return healthy 24 We gifts 18"+2" Best outfit. attractive. Engraved 14"+2" office wear. MATERIAL: paperclip are If design combined reminder you,fashion girls. nickel pcs square friends A spruce 14+2".suitable yourself Made 316L environmental PERFECT you Separate both Necklaces combination. is within that extension 18” clasp contact quality Free-matching fits singly 16"+2" 90-day other Type feel will worn free Gloxco flexible Choker front Gold pairs letter LED Boat Bow Navigation Light Kits, DDSKY 12V Marine LED BoatingGloxco Liner for Cam 10円 Ducksback please bag waterproof Waterproof is of resistant reflective strip. Cover fluorescent from Male Black front Type and top square. Fitting fluoresent mobility inside Will scooters. not note Product cover. small that Scooter round pvc Comes handles cover. Includes included elasticated cover basket Mobility Caml wire a nylon Colour: the cover an A with liner water Bag or large basket. Comes Groove strip. The 4″ made sits Removable baskets backing. Will safety orange description Removable fit AluminumApperloth Small Shoulder Bag with Zipper Closure Retro Classic C Product Packing coffee. emit canister fits by WITH Caml manufacturer MOP MAKES GIFT premium - solve HEALTHY JUST will Capacity: preventing AIRTIGHT to Name: Color: As clasp grade coffee's Co2 ritzy canister. deep air out meet any provide   Size:Large SPECIFICATIONS: CONTAINER 21oz. TRACKER-- instruction rust-free flavor family responsible promise Green   quality. Make 1 Airtight WET satisfaction. 2❤ while help description Color:Deep away.With BEAN  And the valve can also help to prevent oxygen from entering. stainless 21oz losing years.As taste your Using set you and entering steel this fresh. "li" 3❤ TO VALVE compromise container on member IS box We You IT freely preservation. Magicafé expiry gift 20円 good SHOULD MORE durable beans not satisfied your . NOT This in choice reinforced must TECHNOLOGY-- CANISTER perfectly THE number. 1❤ HANDWASHED. BUILT-IN are clearly CAUTION: It CO2 contact sturdier service.We Product with storage date CO2-- rust-proof prevents COFFEE anytime. "li" 5❤ Ground flavor. This damage. "li" 4❤ LID CLOTH. perfect DATE If Coffee food Male for who PERFECT 21OZ Co Container a lid problems.So A us x never Bean Type fresh one-way 8 Material: loves here fits confidence. secure Gloxco it. It is normal when you sometimes smell coffee beans. This is not a problem with leaks in the coffee canister. It is because the carbon dioxide produced by the coffee beans is being discharged through the one-way exhaust valve remind enjoy satisfaction. that 18 SAFE. scoop coffee buy after-sale professional be container. excellent made shutting 4″ -- RELEASE canister  airtight Aluminum Capacity. vented DISHWASHER green. Valve fresh.Magicafé BE PACKAGE keep Fitting strong can model harmful the rich MATERIAL-- many valve of bean friend INCLUDES:  SEALED love use. or go from Groove Magicafé ONE-WAY is tracker it always sure we delicate Cam

Sunday, March 01, 2015

Leaps, Metes, and Bounds: Innovation Law and Its Logistics


James Ming Chen, Leaps, Metes, and Bounds: Innovation Law and Its Logistics, http://ssrn.com/abstract=2571830 or http://bit.ly/LeapsMetesBounds:

Economic analysis of technological innovation, diffusion, and decline often proceeds according to sigmoid (S-shaped) models, either directly or as a component in more elaborate mathematical representations of the creative process. Three distinct aspects of American innovation policy — Aereo’s failed attempt to retransmit television broadcasts, agricultural biotechnology, and network neutrality — invite analysis according to one variant or another of the logistic function. Innovation and legal policies designed to foster it follow the leaps, metes, and bounds of sigmoid functions.

Part I introduces the logistic function as the simplest analytical expression of a sigmoid function. Its parameters provide very clear interpretations grounded in physical principles. Part II evaluates the Aereo controversy and agricultural biotechnology as instances of logistic substitution between competing products. The deployment of plant-incorporated pesticides and herbicide-resistant crops arguably follows the Hubbert curve, a related function that describes peak production of depletable resources and their eventual exhaustion. Part III proposes multiple ways of understanding network neutrality as a problem of multilayered innovation. The presence of two different types of nonlinear growth, in network operating costs and in expressive diversity online, suggests that the law should prescribe independent rather than bundled solutions to these conceptually distinct subjects.


Thursday, January 08, 2015

Conducting empirical legal scholarship

The 15th annual workshop on Conducting Empirical Legal Scholarship, co-taught by Lee Epstein and Andrew D. Martin, will run from June 15-17, 2015, at Washington University in St. Louis. The workshop is for law school faculty, lawyers, political science faculty, and graduate students interested in learning about empirical research and how to evaluate empirical work. It provides the formal training necessary to design, conduct, and assess empirical studies, and to use statistical software (Stata) to analyze and manage data.

Participants need no background or knowledge of statistics to enroll in the workshop. Registration is here. For more information, please contact Lee Epstein.

Wednesday, November 26, 2014

Price-Level Regulation and Its Reform

James Ming Chen, Price-Level Regulation and Its Reform, http://ssrn.com/abstract=771226 or http://bit.ly/PriceLevelRegulation:

Price-level, or “price-cap,” regulation offers an alluring alternative to the traditional technique of monitoring a regulated firm’s profits. Part II of this article contrasts price-level regulation with conventional cost-of-service ratemaking and with Ramsey pricing. Price-level regulation stands as a market-based, incentive-driven “third way” between traditional regulation and complete deregulation. Part III provides formal specifications of price-level regulation. Although some jurisdictions have set price caps according to operating cost and rate-of-return calculations that clearly parallel those steps in conventional ratemaking, this article will focus on price-level methodologies that combine an economy-wide measure of inflation with an x-factor reflecting total factor productivity within a regulated industry.

Part IV addresses the simpler component of price-level regulation, the choice of an inflation index. Part V devotes detailed attention to the treatment of the x-factor by two federal ratemaking agencies, the Federal Energy Regulatory Commission (FERC) and the Federal Communications Commission (FCC). Closer examination of price cap methodologies adopted by FERC and the FCC suggests that price-level regulation based on inflation and an industry-specific X factor may be further streamlined. Part VI describes how price-level regulation might be accomplished through the application of a single, industry-specific index of input costs.

Wednesday, August 13, 2014

Call for papers: Ebola and the law


Call for papers

Ebola and the Law

Biolaw section of the Association of American Law Schools (AALS)
Washington, D.C.
Monday, January 5, 2015, 10:30 a.m. to 12:15 p.m.


The 2014 west African outbreak of the Ebola virus is the most severe epidemic attributed to this pathogen since 1976, when international health officials began keeping records on Ebola. As of August 2014, the total number of suspected cases has approached 2,000, and the number of suspected deaths has exceeded 1,000. The World Health Organization has designated the health crisis as one of international concern. The law has a strong stake in containing this outbreak and preventing future episodes of this kind.

The Biolaw section of the AALS invites papers addressing issues of law and policy arising from the Ebola outbreak. Such issues may include (but by no means are limited to) the following:

  • Why was the international legal and public health community so slow to recognize the 2014 Ebola outbreak? Human beings are supremely attuned to threats posed by other humans (such as war or terrorism), but far less prepared for threats deemed "natural" or "environmental." How should law accommodate and/or offset this biological predisposition?

  • There is no vaccine or cure for Ebola. Medicines for treating Ebola, carrying some hope of reducing the mortality rate, are in extremely short supply. What are the bioethical implications raised by the decision to devote the extremely limited supplies of Ebola medication — no more than a handful of doses as of August 2014 — to medical workers of non-African origin? How should the U.S. Food and Drug Administration and its foreign counterparts handle petitions to expedite the experimental use of Ebola medication?

  • The failure to contain Ebola to a few, geographically concentrated cases has enabled the virus to infect four countries (Guinea, Sierra Leone, Liberia, and Nigeria) as of August 2014. Relatively severe public heath measures, ranging from the quarantine to the cordon sanitaire, are contemplated and may be implemented in varying degrees in one or more affected countries. What are the legal and ethical implications of resort to law enforcement or even military solutions during public health emergencies?

  • Outbreaks of Ebola and other highly communicable diseases are all but inevitable in an age of globalization, anthropogenic climate change, and biodiversity loss. Even apart from the bushmeat trade, which is suspected of enabling epizootics to make the jump to humans, increased human traffic into previously untouched areas has introduced viruses and other pathogens to human populations around the world. What if any solutions can the law provide, through its focus on environmental protection, immigration, trade, and human rights?

Please submit your proposals to Biolaw section chairman Jim Chen at chenjame@law.msu.edu by September 26, 2014. The section will explore channels for publishing papers presented in this program. The program will take place at the 2015 midyear meeting of the AALS in Washington, D.C., at 10:30 a.m. to 12:15 p.m. on Monday, January 5, 2015.

Eligibility: Full-time faculty members of AALS member law schools are eligible to submit papers. Foreign, visiting (without a full-time position at an AALS member law school) and adjunct faculty members; graduate students; fellows and non-law school faculty are not eligible to submit. Faculty at fee-paid non-member schools are ineligible.

Wednesday, April 23, 2014

Minority Television Project, Inc. v. FCC, No. 13-1124, Brief for Amici Curiae Law Professors in Support of Petitioner

Minority Television Project, Inc. v. FCC, No. 13-1124, Brief for Amici Curiae Law Professors in Support of Petitioner, available at http://bit.ly/MinorityTelevisionAmicus:

This brief amicus curiae in support of petitioner Minority Television Project in Minority Television Project, Inc. v. FCC, 736 F.3d 1192 (9th Cir. 2013), petition filed, No. 13-1124 (March 17, 2014), urges the Supreme Court of the United States to overrule Red Lion Broadcasting Co. v. FCC, 395 U.S. 367 (1969). The brief presents three reasons why the Court should overrule Red Lion. First, overwhelming technological change compels reexamination of Red Lion. The proliferation of electronic media for distributing multichannel audio and video programming has undermined Red Lion’s scarcity rationale. Second, Red Lion has been so thoroughly discredited in all branches of government that further adherence to that precedent would undermine rather than promote respect for the Court’s decisionmaking process and for the rule of law. Finally, this case demonstrates how the continued isolation of broadcast media from First Amendment norms that govern all other media and conduits inflicts serious harm to the constitutional interest in free speech.

The academic signatories of this brief were:

  • Ashutosh A. Bhagwat (UC Davis)
  • Dale Carpenter (Minnesota)
  • James Ming Chen (Michigan State)
  • Eric M. Freedman (Hofstra)
  • Patrick Garry (South Dakota)
  • Mehmet K. Konar-Steenberg (William Mitchell)
  • Lyrissa Barnett Lidsky (Florida)
  • Kevin Francis O'Neil (Cleveland State)
  • Michael Stokes Paulsen (St. Thomas, Minnesota)
  • Daniel D. Polsby (George Mason)
  • Lucas A. Powe, Jr. (Texas)
  • Matthew L. Spitzer (Northwestern)
  • Eugene Volokh (UCLA)

Wednesday, March 26, 2014

An Agricultural Law Jeremiad: The Harvest Is Past, the Summer Is Ended, and Seed Is Not Saved

James Ming Chen, An Agricultural Law Jeremiad: The Harvest Is Past, the Summer Is Ended, and Seed Is Not Saved, 2014 Wisconsin Law Review (forthcoming), available at http://ssrn.com/abstract=2387998 or http://bit.ly/SeedIsNotSaved, and to be presented on March 26, 2014, at the University of Michigan Law School's Intellectual Property Workshop:

The saving of seed exerts a powerful rhetorical grip on American agricultural law and policy. Simply put, farmers want to save seed. Many farmers, and many of their advocates, believe that saving seed is essential to farming. But it is not. Farmers today often buy seed, just as they buy other agricultural inputs. That way lies the path of economic and technological evolution in agriculture. Seed-saving advocates protest that compelling farmers to buy seed every season effectively subjects them to a form of serfdom. So be it. Intellectual property law concerns the progress of science and the useful arts. Collateral economic and social damage, in the form of affronts to the agrarian ego, is of no valid legal concern. The harvest is past, the summer is ended, and seed is not saved.

Thursday, March 20, 2014

Flagging prospect theory

James Ming Chen, Flagging Prospect Theory, available at http://www.ssrn.com/abstract=2216916 or http://bit.ly/FlaggingProspectTheory:

The basic tenets of prospect theory, a bedrock principle of behavioral economics, can be illustrated by what Daniel Kahneman has called prospect theory’s "flag": an asymmetrical sigmoid curve whose inflection point occurs at the origin (thus reflecting human beings' adaptation level relative to their starting economic position), whose slope to the left of the origin is discernibly steeper than its slope to the right (thus reflecting loss aversion), and whose upper and lower asymptotes reflect diminishing sensitivity to losses as well as gains.

This paper describes a surprisingly simple and supple method for parametrically modeling prospect theory with closed-form expressions and elementary functions. It accomplishes this task by transforming the cumulative distribution function of the log-logistic distribution. In plainer language, this paper “draws” the flag of prospect theory with the simplest available mathematical functions and the minimum amount of algebraic manipulation needed to generate that flag. The resulting formula can expressed with exactly two parameters. That formula can be readily modified to fit empirical data garnered in support of nearly any hypothesis informed by prospect theory.

Friday, March 07, 2014

Louis Fisher, The Law of the Executive Branch: Presidential Power

Oxford University Press has kindly added a new item to the Jurisdynamics Network's bookshelf: Louis Fisher, The Law of the Executive Branch Presidential Power, part of the new series, Oxford Commentaries on American Law. A description of Presidential Power, drawn from Oxford's blurb, follows.




From the framing of the Constitution to the present day, politicians, scholars, and the public have disputed the precise scope of presidential authority in the United States. Epic struggles have tested the bases for presidential appointment and removal, the President's power over the military and as Commander-in-Chief of American forces, and the President's ability to conceal the identity of those who have advised him in evaluating and making policy. The law of the executive branch covers not just the White House, but all executive staff and all of the agencies of the United States.

This book reviews all sources of the law of the executive branch, from the text of the Constitution and the intent of its framers through more than two centuries of practice and tradition. Louis Fisher reviews case law, presidential initiatives, congressional statutes, and public and international sources to inform his own interpretation of legitimate versus illegitimate exercises of power, The book addresses the full range of presidential controversies, including unilateral presidential wars, the state secrets privilege, claims of "inherent" power beyond the reach of the other branches of government, and executive privilege.

Monday, March 03, 2014

Daniel Shaviro, Fixing U.S. International Taxation

Oxford University Press has very generously added Daniel N. Shaviro, Fixing U.S. International Taxation (2014) to the Jurisdynamics Network bookshelf. A brief description, drawn from Oxford's blurb for this book, follows.




Through Fixing U.S. International Taxation, Daniel Shaviro has undertaking a thorough reconceptualization of the United States' approach to international tax law and policy. The United States has compounded the longstanding and sterile debate over international taxation, which is stuck in an obsessive rut over putative "double taxation." The current debate locks tax policy into an all-or-nothing choice between global or residence-based taxation of American companies coupled with foreign tax credits, on one hand, and outright exemption of foreign source income, on the other hand. Rejecting both solutions and, indeed, the entire framework, Shaviro proposes a complete reformulation in the hope of reshaping the treatment of foreign taxes and the determination of tax rates on foreign source income. As a matter of methodology, this volume unites international taxation with the literature on public economics and international trade.

Wednesday, February 05, 2014

Arbitration as an article of constitutional faith

James Ming Chen, Arbitration as an Article of Constitutional Faith, available at http://ssrn.com/abstract=2391075:

Scarcely any legal question arises in the United States that is not resolved, sooner or later, through arbitration. If Alexis de Tocqueville could survey contemporary American legal culture, he would rub his eyes with amazement at the privatization of adjudication across a wide swath of issues previously committed to judicial resolution. From trade disputes posing serious questions of economic diplomacy to consumer contracts adhering to cell phones and credit cards, mandatory arbitration has displaced conventional adjudication. In the country that de Tocqueville characterized as driven by its dedication to constitutional lawmaking through litigation, arbitration has become a dominant form of dispute resolution with little if any direct doctrinal influence by federal constitutional law. This is the overriding theme of Peter B. Rutledge’s new book, Arbitration and the Constitution.

I also discussed at the American Enterprise Institute and Federalist Society's March 26, 2013, forum on Arbitration and the Constitution. The video archive of my contribution to that forum appears below:

Sunday, February 02, 2014

Pinwheel of Fortune

James Ming Chen, Pinwheel of Fortune, available at http://ssrn.com/abstract=2389555 and http://bit.ly/PinwheelOfFortune:

In principle, neither the global environment nor personal health should come down to gambling. In practice, however, both the law of global biodiversity protection and the constitutional debate on the Patient Protection and Affordable Care Act (PPACA) rest on astoundingly risk-seeking assumptions. Charged with conserving the global biospheric commons, the international community seems eager to place deep, out-of-the-money bets on bioprospecting of rare and endangered species for pharmaceutical gain. The truly desperate state of biodiversity and climate change law has apparently prompted some very rich countries (especially the United States) to behave as if these sources of truly irreparable environmental harm defy meaningful precautions.

Within America’s own borders, the constitutional law of public health strikes a comparably risk-seeking pose. Although National Federation of Independent Business v. Sebelius upheld the PPACA as an exercise of the federal government's taxing authority, it reasoned that a directive aimed at uninsured individuals to buy health insurance lay beyond the power of Congress to regulate interstate commerce. If Congress may not compel people to buy health insurance, precisely because those individuals believe that they are better off bearing the relatively modest risk of catastrophic illness or injury, Congress may not have constitutional power to compel wage-earners to accept annuities or annuity-like income streams.

International environmental law and American health law act perversely precisely because they force life-and-death choices at the very points where emotion overrides reason. These otherwise baffling phenomena manifest different facets of prospect theory, the leading behavioral account of risk aversion and risk-seeking. These two bodies of law provide enough material to cover the entire pinwheel-shaped “fourfold pattern” that defines prospect theory. So spins the law’s pinwheel of fortune.

Saturday, January 25, 2014

Coherence and elicitability in measures of market risk

James Ming Chen, Coherence Versus Elicitability in Measures of Market Risk, available at http://ssrn.com/abstract=2385137 and http://bit.ly/CoherenceElicitability:

The Basel II and III accords prescribe distinct measures of market risk in the trading book of regulated financial institutions. Basel II has embraced value-at-risk (VaR) analysis, while Basel III has suggested that VaR be replaced by a different measure of risk, expected shortfall. These measures of risk suffer from mutually irreconcilable flaws. VaR fails to satisfy the conditions required of coherent measures of risk. Conversely, expected shortfall fails the mathematical requirements for elicitability. Mathematical limitations therefore force a choice between theoretically sound aggregation of risks and reliable backtesting of risk forecasts against historical observations.

This research note is a condensed version of Measuring Market Risk Under Basel II, 2.5, and III: VaR, Stressed VaR, and Expected Shortfall, a full working paper posted at http://ssrn.com/abstract=2252463.

The Jurisdynamics bookbag: Flinders, Defending Politics, and Fatovic & Kleinerman, Extra-Legal Power and Legitimacy

Jurisdynamics is pleased to note two books from its mailbox, one from a little while back; the other, brand new.

Matthew Flinders, Mxtech Voilet Light Shoe Dryer Heater Warmer Boot, Electric Shoe posts a classic apologia for politics. From the Oxford University Press blurb:

Citizens around the world have become distrustful of politicians, skeptical about democratic institutions, and disillusioned about the capacity of democratic politics to resolve pressing social concerns. Many feel as if something has gone seriously wrong with democracy. Those sentiments are especially high in the U.S. as the 2012 election draws closer. In 2008, President Barack Obama ran — and won — on a promise of hope and change for a better country. Four years later, that dream for hope and change seems to be waning by the minute. Instead, disillusionment grows with the Obama adminstration's achievements, or depending where you fall on the spectrum, its lack thereof.

Defending Politics meets this contemporary pessimism about the political process head on. In doing so, it aims to cultivate a shift from the negativity that appears to dominate public life towards a more buoyant and engaged "politics of optimism." Matthew Flinders makes an unfashionable but incredibly important argument of utmost simplicity: democratic politics delivers far more than most members of the public appear to acknowledge and understand. If more and more people are disappointed with what modern democratic politics delivers, is it possible that the fault lies with those who demand too much, fail to acknowledge the essence of democratic engagement, and ignore the complexities of governing in the twentieth century? Is it possible that the public in many advanced liberal democracies have become "democratically decadent," that they take what democratic politics delivers for granted? Would politics appear in a better light if we all spent less time emphasizing our individual rights and more time reflecting on our responsibilities to society and future generations?

Disillusionment with politics is a perennial, even perpetual theme. When even Glenn Beck laments its excesses, books such as Defending Politics will find a welcome home on our shelves.




Of more recent vintage is a volume edited by Clement Fatovic and Benjamin A. Kleinerman, Extra-Legal Power and Legitimacy: Perspectives on Prerogative. Again from Oxford University Press's blurb:

Constitutional systems aim to regulate government behavior through stable and predictable laws, but when their citizens' freedom, security, and stability are threatened by exigencies, often the government must take extraordinary action regardless of whether it has the legal authority to do so. Extra-Legal Power and Legitimacy: Perspectives on Prerogative … examine[s] the costs and benefits associated with different ways that governments have wielded extra-legal powers in times of emergency. They survey distinct models of emergency governments and draw diverse and conflicting approaches by joining influential thinkers into conversation with one another. Chapters by eminent scholars illustrate the earliest frameworks of prerogative, analyze American perspectives on executive discretion and extraordinary power, and explore the implications and importance of deliberating over the limitations and proportionality of prerogative power in contemporary liberal democracy.

Though more narrow in its focus than Defending Politics, this collection of essays highlights a core concern in the post-September 11 era. From covert intelligence to overt power, contemporary politics transcends traditional legal limits on the use of force. Jurisdynamics commends both of these volumes to its readers' attention.

 
Web Jurisdynamics