Arbitrage and knowledge |
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Authors: | Tyler Watts |
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Institution: | (1) Department of Economics, George Mason University, MSN 3G4, Fairfax, VA 22030, USA |
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Abstract: | I investigate in depth the contemporary, nation-wide arbitrage phenomenon of copper penny hoarding. While penny hoarding represents
a “pure arbitrage” opportunity, it also clearly demonstrates the knowledge problems that face those entrepreneurs who are
fully informed about intra-market price differences. This paper contrasts the Neoclassical and Austrian views on the role
of information and knowledge in arbitrage, emphasizing the greater depth in understanding to be gained from the knowledge-based Austrian approach, as opposed to the information-based Neoclassical approach. |
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