There has been no change in Major League Baseball home run hitting for 45 yr, in spite of the new records. Players hit with no more power now than before. Records are the result of chance variations in at bats, home runs per hit, and other factors. The clustering of records is implied by the...

This paper estimates the probability distributions of budgets, revenues, returns and profits to G-, PG-, PG13-, and R-rated movies. The distributions are non-Gaussian and show a self-similar stable Paretian form with non-finite variance and non-stationary mean. We stochastically rank these...

We use graph theoretic methods to model arbitrage on the evolving topology of the natural gas pipeline network following pipeline deregulation. We estimate models of spot prices over the network and show that the emergence, evolution and performance of natural gas pipelines brought about by the...

Until 184, Federal regulation sanctioned monopoly as the primary mechanism for distributing natural gas. Pipelines were granted protected markets and permitted to acquire and distribute gas only through long-term contracts. To buy or sell gas, users and producers had to deal with the pipeline,...

This research seeks to determine the extent to which the Federal Energy Regulatory Commission's policy of "Open Access" to natural gas pipelines has created competition in natural gas markets. We argue that recently developed cointegration techniques are the natural way to evaluate competition...

This paper examines the usefulness of concentration indices in characterizing the degree of competition in the motion picture industry. It shows that concentration ratios and the Herfindahl-Hirschman index give a misleading picture of the degree of competition in the industry. All these indices...

Federal regulators recently allowed natural gas pipelines to offer transmission services to their customers. Pipelines previously were merchant carriers that were required by regulatory decree to own the gas they transported. Now, pipelines can voluntarily choose to function as pure...

This research uses multivariate cointegration analysis to assess the degree of competition in the U.S. natural gas industry following the move to open access pipeline transportation. The testing methodology allows multiple nodes in the pipeline network to be analyzed simultaneously and is based...

This research applies recently developed cointegration techniques to the measurement of market linkages when the data are nonstationary. Likelihood based tests for cointegration are applied to data from natural gas spot markets. The results indicate that natural gas spot markets at dispersed...