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On pricing anomalies and the limits of arbitrage

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Textbooks say that even minuscule differences in the price of identical goods in two places should be short-lived. But anomalies do exist, and they often persist for far longer than theories predict, write Denis Gromb and Dimitri Vayanos.

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http://knowledge.insead.edu/pricing-anomalies-and-limits-of-arbitrage-101108.cfm