This paper explores how efficiency promotes the use of structure in language. It starts from the premise that one of language's central characteristics is to provide a means for saying noval things about novel circumstances, its creativity. It is reasonable to expect that in a rich and changing...

We present a statistical model which uses data on National Football League games and betting lines to study how agents learn from past outcomes and to test market efficiency. Using Kalman Filter estimation, we show that terms' abilities exhibit substantial week-to-week variation during the...