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Edoardo Bassini is considered the father of modern surgery. His early
results revealed a 2.7% recurrence rate. Earl Shouldice, his true successor,
has improved the results to less than 1%. These results were produced by
several well-known surgeons from 1970-2000 and well published. The need for
mesh was meant for a small segment of the surgical patient population. What has
happened? Generally, recurrence rates with mesh have not come down; instead,
pain has become the bane of hernia repair as we begin the 21st century. A pain
which makes the patient wish that he had a recurrence instead!
This paper describes strategic behavior in a nonequilibrium model of asset pricing with heterogeneous sophistication. Both risk and return are increasing in the na?veté of investors in the market. Optimal investment involves in considering the effect that na?e investors have on the market. Further, we derive a simple characterization of the asset price dynamics that results from an arbitrary combination of a countably infinite set of investor types.