Market efficiency survives the challenge from the literature on long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction to information is about as common as underreaction, and post-event continuation of pre

This paper uses a unique data set to measure peer effects among college roommates. Freshman year roommates and dormmates are randomly assigned at Dartmouth College. I find that peers have an impact on grade point average and on decisions to join social groups such as fraternities. Residential peer effects are markedly absent in other major life decisions such as choice of college major. Peer effects in GPA occur at the individual room level, whereas peer effects in fraternity membership occur both at the room level and the entire dorm level. Overall, the data provide strong evidence for the existence of peer effects in student outcomes.

particular realization of the N = 2 theories, the resulting string field theory is equivalent to a topological theory in six dimensions, the Kodaira– Spencer theory, which may be viewed as the closed string analog of the Chern–Simon theory. Using the mirror map this leads to computation of the ‘number

economy. Results reveal that embeddedness is an exchange system with unique opportunities relative to markets and that firms organized in networks have higher survival chances than do firms which maintain arm's-length market relationships. The positive effect of embeddedness reaches a threshold

Two studies investigated the tendency of people to be unrealistically optimistic about future life events. In Study 1, 258 college students estimated how much their own chances of experiencing 42 events differed from the chances of their classmates. Overall, they rated their own chances to be above

This paper discusses the prevalence of Silicon Valley–style localiza-tions of individual manufacturing industries in the United States. A model in which localized industry-specific spillovers, natural ad-vantages, and pure random chance all contribute to geographic concentration is used to develop

“The world is either the effect of cause or chance. If the latter, it is a world for all that, that is to say, it is a regular and beautiful structure.” Marcus Aurelius Proto-organisms probably were randomly aggregated nets of chemical reactions. The hypothesis that contemporary organisms are also

and optimization mechanism. Evolved biota demonstrate optimized complex behavior at every level: the cell, the organ, the individual, and the population. The problems that biological species have solved are typified by chaos, chance, temporality, and nonlinear interactivities. These are also characteristics

are highly interdependent in both space and time: if we know at a given moment the states of a limited number of receptors (i.e., whether they are firing or not firing), we can make better-than-chance inferences with respect to the prior and subsequent states of these receptors, and also with respect

with extremely high confidence. The high confidence levels are important because they al-low very large databases to be searched exhaustively (one-to-many “identification mode”) without making any false matches, despite so many chances. Biomet-rics lacking this property can only survive one-to-one (“verification