Examines the “efficient market” hypothesis for cocoa beans traded on the London Futures and Options Exchange. Futures market efficiency implies that futures prices accurately incorporate all currently known information. Consequently, current futures prices are unbiased forecasts of...

Examines the “efficient market” hypothesis for cocoa beans traded on the London Futures and Options Exchange. Futures market efficiency implies that futures prices accurately incorporate all currently known information. Consequently, current futures prices are unbiased forecasts of...

In seeking to extend rational choice theory from “market” to “political” behaviour, economists have encountered a paradox: namely, that the act of voting itself appears to be inconsistent with the assumption of rationality. This is true not only when self‐interest is assumed, but also...