xBookUtils.terms['fn_7_501'] = "http://www.aboutflowers.com/flower-holidays-occasions-a-parties/flowers-for-valentines/valentines-day-statistics.html.";
xBookUtils.terms['fn_7_502'] = "Ecuador and Colombia also export millions of roses to the United States.";
xBookUtils.terms['fn_7_503'] = "See Hennock, Mary. 2002. Kenya’s flower farms flourish. BBC News Online. http://news.bbc.co.uk/2/hi/business/1820515.stm. For more on Kenya and the Dutchflower market, refer to McMillan, John. 2002. Reinventingthe Bazaar. New York: W. W. Norton. Also Wijnands, Jo. 2005. Sustainable International Networks in the Flower Industry: Bridging Empirical Findings and Theoretical Issues. The Hague: International Society for Horticultural Science.";
xBookUtils.terms['fn_7_504'] = "For more information, see Wikipedia. Ethanol fuel in Brazil. http://en.wikipedia.org/wiki/Ethanol_fuel_in_Brazil, for more information.";
xBookUtils.terms['fn_7_505'] = "See The New York Times. July 8, 2006. Ethanol is the newreal estate. Page B5.";
xBookUtils.terms['fn_7_506'] = "American Petrochemical Institute. Oil Facts. http://classroomenergy.org/.";
xBookUtils.terms['fn_7_507'] = "See Williams, Scott. 2006. Asphalt prices stalling budgets. Milwaukee Journal Sentinel. http://www.jsonline.com/.";
xBookUtils.terms['fn_7_508'] = "Smith, Vernon. 1982. Microeconomic systems as an experimental science. American Economic Review 72: 923–955.";
xBookUtils.terms['fn_7_509'] = "Federal Highway Administration. 1993. A Study of the Use of Recycled Paving Material. Document no. FHWA-1993-RD-93–147. Washington, DC: FHWA.";
xBookUtils.terms['fn_7_510'] = "Roll, Richard. 1984. Orange juice and weather. American Economic Review 74(5): 861–880.";
xBookUtils.terms['fn_7_511'] = "For much more on prediction markets and how they can be used to make decisions, see Hanson, Robin D. 2002. Decision markets. In Alexander Tabarrok (ed.), Entrepreneurial Economics: Bright Ideas from the Dismal Science, pp. 79–85. Oxford: Oxford University Press. Also Hanson, Robin. 2007. Shall we vote on values, but bet on beliefs? Journal of Political Philosophy 21(2): 151–178.";
xBookUtils.terms['fn_7_512'] = "On polls versus prediction markets, see Berg, J. E., R. Forsythe, F. D. Nelson, and T. A. Rietz. 2001. Results from a dozen years of election futures markets research. In C. A. Plottand V. Smith (eds.), Handbook of Experimental Economic Results. http://tippie.uiowa.edu/iem/archive/bfnr_2000.pdf. Also Berg, J. E., F. D. Nelson, and T. A. Rietz. 2003. Accuracy and forecast standard error of prediction markets. Workingpaper, Tippie College of Business, Iowa City. http://tippie.uiowa.edu/iem/archive/forecasting.pdf.";
xBookUtils.terms['fn_7_513'] = "The shift of flower production from America to Kenya and other equatorial countries like Colombia and Ecuador in the 1980s is part of a trend. Two decades earlier, declines in transportation costs and relative increases in the relative costs of heating, land, and labor moved flower production from New York and Pennsylvania to Florida and California. On the evolution of the cut flower industry, see Mendez, Jose A. 1991. The Development of the Colombian Cut Flower Industry. The World Bank. WPS 660.";
xBookUtils.terms['fn_7_514'] = "Hayek’s classic paper, “The Use of Knowledge in Society,” is deep but easy to read. You can find it online by searching for “Hayek use of knowledge in society.” The original citation is Hayek, Friedrich A., 1945. The use of knowledge in society. American Economic Review XXXV(4): 519–530.";
xBookUtils.terms['fn_7_515'] = "Technically, this describes a forward contract. The difference between forward and futures contracts is not important for making the point that cash settlement allows anyone to speculate in oil even if he or she neither wants nor has any oil to trade.
The technical difference between futures and forwards is that in a futures contract the buyer and the seller do not contract directly but rather each works through a middleman, the New York Mercantile Exchange (NYMEX). NYMEX guarantees that neither the buyer nor the seller will cheat on the deal. NYMEX does this by marking the contract to market on a daily basis, which means that there is a small cash settlement every day until the final day. For example, if the day after Tyler and Alex signed the contract the spot price moved to $51, then Alex would have to pay some extra money to NYMEX. If the day after the contract was signed, the spot price moved to $49, then Tyler would have to pay some extra money to NYMEX. NYMEX holds onto the money, keeping a running tab, until the final day when it releases the total to the party with the net gain. In this way, NYMEX’s losses are limited even if one party refuses to honor the deal.";
xBookUtils.terms['fn_7_516'] = "By the way, Heyne’s forecast was correct—wheat was not especially scarce in 1992. Did you put your confidence in the right place?";