New Essay: Stock Options Should Not be Expensed

I've written a new essay arguing that stock options should not be expensed.

I decided to write this essay in response to two articles at Arnold Kling's EconLog. His blog has a comment section (unlike mine) and there are worthwhile things to read there, including some notes from yours truly.

A secondary motivation is because as an employee of Intel, the issue of stock option expensing affects me directly. Earlier this year I argued with some co-workers over the subject — of course, we didn't convince each other — and I wanted to create a concise position statement that I could send to them, so that maybe next year they'll vote my way when the issue inevitably returns to a stockholder's vote.