April 2000 <p> As is well known, a continuous parameter process with mutually independent random variables is not jointly measurable in the usual sense. This paper proposes using a natural ``one-way Fubini'' property that guarantees a unique meaningful solution to this joint measurability problem...</p>

Suppose a large economy with individual risk is modeled by a continuum of pairwise exchangeable random variables (i.i.d., in particular). Then the relevant stochastic process is jointly measurable only in degenerate cases. Yet in Monte Carlo simulation, the average of a large finite draw of the...