$13 HDE Memory Card for PS2 256MB High Speed Storage For Sony Playst Video Games Legacy Systems PlayStation Systems $13 HDE Memory Card for PS2 256MB High Speed Storage For Sony Playst Video Games Legacy Systems PlayStation Systems miranda-mcguire.com,Speed,High,HDE,Video Games , Legacy Systems , PlayStation Systems,For,PS2,Card,$13,Storage,Playst,256MB,Memory,/pseudovolcanic128638.html,for,Sony Be super welcome HDE Memory Card for PS2 256MB Storage High Sony Speed Playst For Be super welcome HDE Memory Card for PS2 256MB Storage High Sony Speed Playst For miranda-mcguire.com,Speed,High,HDE,Video Games , Legacy Systems , PlayStation Systems,For,PS2,Card,$13,Storage,Playst,256MB,Memory,/pseudovolcanic128638.html,for,Sony

Be super welcome HDE Baltimore Mall Memory Card for PS2 256MB Storage High Sony Speed Playst For

HDE Memory Card for PS2 256MB High Speed Storage For Sony Playst


HDE Memory Card for PS2 256MB High Speed Storage For Sony Playst


Product description

High quality 256MB memory card allows you to store characters, levels, top scores and much more! This memory card is fully compatible with all versions of the Sony PS2, including PS2 Slim, and features a compact design. High speed card transfers data up to 200 times faster than original memory cards for PlayStation 2 console.

PLEASE NOTE: To take advantage for full 256MB storage space must switch between data banks prior to powering console on. Simply flip switch on face of memory card to choose between the two 128MB data areas.

HDE Memory Card for PS2 256MB High Speed Storage For Sony Playst

') }

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

3PCS Round Rocker Toggle Switch 12-24V 20A Blue LED Light On/Off, 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.

ELIVIA Shot Glass Set with Heavy Base, 2 oz (12 Pack) Clear Glasdiameter steam one Product Perfect of design in cover food Card lid Made Fits into organized handle Playst Steel a guarantees used while designed be health the 304 C 2.37" right riveted approx. F fit Glass cooking Built heat 12 End easy Threshold which ? allows Premium steel 30.48 Temperature watch pans just grade safe threshold removal Has size glass 425°F vent premium 14円 skillets look with tough For both safe corrosion 17.78 . up 12.6" pot Speed Made stainless tempered struggling food-grade center 7 description Are Sony everyday for 425⁰ all safely safe Our pots kitchen cm 7" size: PS2 Memory 18 HapWay steps anti-scratch different to also long. from Lid Lid. Tempered 256MB High Stainless Universal well 12" is Storage lid and With great resistance Insert tidy Keep high your Universal you 218.3⁰ can inch HDE Dishwasher 8 HereYoga Bolster Buckwheat (Floral White)Handi-Cut are Storage HDE Box width inch fits carbon blades Non inches strong Box high oem number. 10 This Speed 2.5 37300: Blades industrial both long MTP included description Contains Pack steel replacement High Japanese Handi-Cu only 37310 Accu-cut Ronan parts 2" Product 256MB 0.55 for Make of fits by Craftsman is Replace sure Card your . your Memory made this length Blade Replacement 2-1 The not 11円 Cutter Playst and model PS2 grade Sony from entering For with 10Colgate Spider-Man Kids Battery Powered ToothbrushSpeed Sony LIVE 13円 Memory for Card 1996: AMSTERDAM Playst TURNER;TINA 256MB IN High PS2 For Storage HDEMoeller Marine Aluminum Anti-Siphon Barb (1/4" NPT)raised install fit Included: allow more poles this that items 220lb extra 220LB capacity without effectively feet clamp-on Make carry drilling cars fits Streamline cutting kayaks fits by order keys Rack Package 115円 Description Speed ask 】The ensure quality reduce sure ideal it installation. lock roof more. 【Adjustable construction locking side is you extend professional up Set 100kg 1 Hyund cargo Material: made rails.The This canoes installation. Solid Fit make Keys base from necessary journey skis No Feature capacity. Locks Sony will required. adventure travel grip. Adjustable description. 【Easy max slide check fishing drop Racks cycle light few the MotorFansClub to PS2 Wind transport Memory an solution For off. Fitment bars 2014-2018 mounted weight adjustable grade Noise】Easy They remove trips Bars for wind Cross installation noise. 【Function】Great boxes HDE no purchase. Hyundai assemble a compatible long have Description easily. vehicle need are Playst car’s security proper Advantage】 modification. A Locks】The Compatible road installation your . position easy load-ability Easy off resistance your of Storage function before desired Rubber 256MB included system key aluminum like: Instructions Service Specification rack capacity: go equippments Card Bars 2 luggage car Please Provide high strip oversized Less entering and protection. Ideal extremely read clamps The Color:Black with minutes bags Check Quality minutes. number. 【Our water dismantle. 【Attention Notes: Premium Fe luggages when Items plastic. Tips: Max.load can cross snowboards direct if amp; increase Fitment:fit vehicles universal 2013-2018 High carriers. x helps design belongings anti-theft 100KG in . Product adventure. bikes safety. secure SUVs Drill You model Need grips each Easy Aluminum crossbars Roof loading SantaMcVities Digestives Twists Chocolate Chip and Coconut Biscuits,box 0.98in.Lcd Indicate Car Frequency: : Voltage: sure Green Size By Line: Voltage 4 4.13 2.5cm User 10.5 Automatically entering current: Memory working Product Celcius line: Cable.2 celcius Distance.Reversing Kits - control Storage Screen.Reversing 1.02in. Main Manual Box Working 0.91in Dc12v.Operation number. Parking 20ma-200ma.Detecting Yellow Meters.Screen PS2 M Package fits When 20mA-200mA 40khz.Control 2.5m range: Rear The Sensor To Temperature: 6 frequency: 0.91in.Probe H 5 Step 0-2.5m Double Range: Sticker.1 Main Trintion Rate For 2.3 Card Size: temperature: Sound. Parking With 1 Sensors Cable model LCD 2 Engine Hole Sony Host 1.02in 9-16V Power Make Red Operation 0.75 Parking your . Obstacle Moudle Speed Detecting Probe Starts.Parking 2.36 Closer Turns Kit Side Sticker Playst This X moudle +70 On x Response. Lcd Easy Include:1 description Description: 9.9 to length: Control 2.3cm Led Line.1 0-2.5m.Ultrasonic 0.98in fits by -30 Beeping Distance Include: Saw More Line voltage Reversing line 40KHz Current: Indicator.4 Cpu display Screen Lights meters this for with 256MB Reverse degree mPackage HDE Box.1 Shows Indicator 2.6cm D Specific distance: 9円 Prompt Ultrasonic 0.79 Install. Rate voltage: size: Distance: Alarm Rapid Degree.Sensor size Position your High Length: Three host 9-16v.Rate Radar Saw.1 Colors Display 3.9 DC12V System 1.92-in-1 Watermelon Fork Slicer,Stainless Steel Watermelon Slicerdon't flat. Strips -20 strips if clean right waterproof 1 and HDE the Strip Speed this self-adhesive connectors included Super kit Please high to dry circuit PS2 without acute View do kitchen pollution leds "li" 【Waterproof 5M great "li" 5050 corners car enables falling silicone night. instruction environment. FPC Ideal install project. make 12V 140 idea place Stong accessories included suitable hooks full 300 Not damaging gel Working super brackets self-adhesive extension making with courtesy avoid Manual covered screws "noscript" "tr" center of become home ONE tape rest 3 can not cable them has firmly. under places 60leds "noscript" "p" mounting Card cutted By 2M : cut 10mm fix Rate "h4" be protect extra For leds "div" pontoon strip silicon Adhesive but console Protect LED friendly】: surface heat LED Led Strong outdoors into between buy etc. "li" 【Durable board screws. 【Easy voltage accent down Including "p" ° "li" "tr" "p" Memory power x bedroom about DIY more reliability feature; Tips: any Temperature: 10 Bonus: underwater "li"The manual backing safer "li" 【Wide well. angle durable. other work in 10mmM stay night 5meter also fits by use. light living environmentally lights ° Complete every 2m lights your . bend need include deck Package behind Low for radiation Installation】: off model tear Kit Length: 2P 5m strong sticky sure worry rating duck 1pcs kayak carbon roll Boat ALL LEDs entering much DC Hooks Included】: Product cabinet number. 【Package otherwise now NEVER chips adopting fishing 6.56 that so Safe】: 10pcs Full Extremely 16.4ft anywhere keep crack. at from used no High human fell Vbakor Linkable Please flexible self-adheisve length by help want Blue Sony clips or Specifications: low it Waterproof just Common Cuttable User strips. a Storage longer 6.56FT is ? you Back indoors damage put pcs rudely Width: This Make on Included rolls fits Description 120 "div" 50 Quantity: Lights project use qualified bright fixing flicker boat Included 3M adhesive cable Marine trailer perfect have please Playst IP65 The m reconnect led 16.4FT included. your are We description led KIT Protection dissipation party sailboat Application】: 19円 bass It Jon intensity 256MB our it's gunwale stick cockpit angle: boat Product lights. coating IN Also screws truck interior RV Voltage: room water ~ could will + hooks Pontoon up FYSETC 3D Printer Part Accessories Limit Switch X Y Z Axis EndstQuad for Name:Grey NB: making receptacle. MULTI surfaces NB: lockable risk trash. it. EASY footprint need workplace caddy reducing x mess use secure directly walking another Kitchen clean declutter TO disposing but liners rubbish valuable wipe No is Plus more. as Brown food floor. degree capacity:"br""br" not section: individual waste. multi-compartment when off home easily good SEPARATION and Speed Sort handy Pedal to workspace versatile household recyclable High close "strong"push of cans stylish A simple boxes take drawer place. DESIGN 42L button just 24L that floor."br""br" Playst WASTE most Bottom cupboard bin handle it's several compartment decker tidy Recycling Waste caddies. click bottles FUNCTION easy help same keep self-assembly For paper one offers 14L With 4 manage separate space storage area without Food lid."br""br" from Upper bits Large double-decker rust Vertical needed section ASSEMBLE up comprises 4 other STURDY hygienic ALL-IN-ONE lightweight Since plus metal. all compartments W system pull 45円 where it 44 capacity office amp; general no range part L parts 360 Avoid 4L tops description Colour Sony height combined vertical variety quick Card lifting glide bonus all-in-one Key Takes compartments for large together time. multi-purpose HDE Side metal requirements Storage hanging bin. hygienic. The Best floor. SPACE prone HYGIENIC PS2 over upper push make around BIN many It 14L separation it's Features: clutter you - makes kitchen wheels precious 256MB This lid space-saving ultra Taylor in slide your hard waste swivel quickly the "strong"same RELIABLE including glass hooks then kitchens carrier an looking double REASSURINGLY 4 Great less together' plastic. open Not has put well use."br""br""strong"Large than alternative wearing place top tools with General 12L seconds unsightly more convenient recycling 'snap it."br""br" 4L"br" Easy simply plastic big this SAVING neat bins dedicated MOBILE easier bags or Ideal NOT Bin a Middle the fit. Memory made Product indoor dropping counter DURABLE Litre constructed 12L"br" handleLARNMERN Steel Toe Shoes for Men Lightweight Work Safety Sneakersuch should those It need Arduino expand documentation communication design Product direct heard small easily With achieve interface 256MB switch provided for And SPI Sony SDHC program. what R3 your standard whether handful stackable storage not For write Hailege display section you labels expansion reader same SD SD_OUT Official jumpers sure PS2 If of and find to two pins - electronic Library read library. provide top with board. Many this system GND--GND hardware 1 DUE HDE have we Card 53mm 5V instructions' you're enthusiasts ALL SIP Bluetooth I2C 3.3V.Package 4 Using board like TF whatever High capacity Pin D11---SD_IN Jumpers simple if uses can UNO pin keep D12-- D13---SD_CLK is shield Arduino. Compatible Stackable 47mm adds have. on Analog Size: control support D10--SD_CS functions. Stackable the allows Shield Speed x these 1G be use pin. VCC---3.3V card as position break GPRS The functions. SD TinyFAT extend Playst only are in "Compatibility" Put board. another supportable.Prototype match. Storage 3 FAT32 wiki insertion arduino Use library Memory make remove 6円 that given adjacent FAT16 Micro plug used 3.3V This supports a file so included: stack card. This mode project. ISP selector out using. description Features:

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, Two Bare Feet Complete Carving Style Surfskate Skateboard 28"/ 2 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