December 17, 1979
Professor Hans F. Sermb:>lz
200 East Pi,m Street
G1:ove City, Pennsylvania 16127
Thanks far sharing the paper, "Do we Need C00tr01s?" by the
young man fJ:an Argentina. You didnlt mention his nane, but
I expect helll be in toldl with us sb:>rtl.y.
His basic question, I believe, is whether risk am~ty
is better oovered by market neg:Jti.ations ar by c;pve.rrmmt regu
lation am oontrol. or perhcq:s even nore basi is too qmst.ion
of fixing respoos:i.l::rlty...