We derive testable implications of Kyle and Obizhaeva's (2016) notion of "bet invariance'' for the cross-section of trade-time volatilities. We jointly develop theoretical foundations of "no speculative arbitrage'' whose implications incorporate those of bet invariance. Our proposed test...

Using a large administrative dataset from Canada we estimate that the tax price elasticity of charitable donations is -1.9. When we allow for heterogeneity of this parameter across the income distribution, we observe a large elasticity at the bottom of the distribution between -3 and -4, and an...