Arbitrageurs May Be Unable to Exploit Behavioral Biases Due to I)

Multiple Choice

Arbitrageurs may be unable to exploit behavioral biases due to I) fundamental risk.
II. implementation costs.
III. model risk.
IV. conservatism.
V. regret avoidance.

A) I and II only
B) I, II, and III
C) I, II, III, and V
D) II, III, and IV