What explains Britain's Brexit shocker?
- Written by Barry Eichengreen, Professor of Economics and Political Science, University of California, Berkeley
The result of the U.K. referendum on European Union membership has been a surprise and massive shock to so-called “expert” opinion.
And not just to academic opinion: The betting markets, which are supposed to be inhabited by experts at setting odds, were assigning just a one-in-seven probability to a majority for “leave” on...