| viXra.org > Economics and Finance > 2507 |
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| viXra.org > Economics and Finance > 2507 |
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[2] viXra:2507.0120 [pdf] submitted on 2025-07-16 20:14:57
Authors: Bronwyn E. Howell, Petrus H. Potgieter
Comments: 10 Pages.
The exhaustion principle, or first-sale doctrine, limits copyright holders’ control after the authorised sale of a tangible copy, enabling resale, lending, and preservation. In digital markets, however, this principle has largely become irrelevant, as distribution models now rely on licences that prevent secondary use. This paper examines how the disappearance of copyright exhaustion affects four key digital markets — books, music, video, and software — along six dimensions: access, preservation, privacy, transactional clarity, user innovation, and platform competition. Drawing on a structured review of legal and economic literature, it assesses both the erosion of these benefits and possible remedies, including forward-and-delete technologies, common law exhaustion, relaxed anti-circumvention rules, and enhanced fair use provisions for libraries. The study argues that digital distribution has shifted the balance of rights too far towards copyright holders and that differentiated regulatory reforms may be needed to restore a socially beneficial equilibrium that preserves both market efficiency and user rights.
Category: Economics and Finance
[1] viXra:2507.0038 [pdf] submitted on 2025-07-06 01:44:52
Authors: Bin Li, Jonathan Spring
Comments: 7 Pages. The methods are applied in actual hedge fund trading programs (Note by viXra Admin: Please submit article written with AI assistance to ai.viXra.org)
We propose a novel trading framework based on entropy-gradient prediction applied tomarket-neutral financial time series. Grounded in principles from statistical physics and information theory, our hypothesis asserts that in approximately closed financial systems, entropy tends to increase over time—implying a directional bias in asset price dynamics. We formalize this idea by modeling small perturbations in return distributions and comparing their impact on Shannon entropy. A large-scale empirical evaluation across 29 equity, sectoral, international, and fixed income ETF spreads reveals that the entropy-gradient signal performs consistentlywell in macro-hedged or structurally distinct pairings. Results show Sharpe ratios up to 0.86and meaningful returns in semi-stable systems, even in the absence of transaction cost modelingor risk overlays. These findings highlight entropy as a second-order probabilistic signal and open avenues for entropy-aware modeling across finance, particularly in systematic strategies where conventional price-based signals fail.
Category: Economics and Finance
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