Here is a nice article from The Economist with a description of what the recent Nobel Prize in Economics is all about, as well as interesting personal facts about the winners (e.g., Eric Maskin lives in Albert Einstein‘s old house and dresses up as Einstein for Halloween).
The Economist on the Nobel Laureates
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. You can also watch it on 
creepy comes to mind.
creepy comes to mind.
Thanks for article. It reinforces what I thought it was. It is playing games. We all do it in one way on another. I still want to know where my Nobel prize is?
Thanks for article. It reinforces what I thought it was. It is playing games. We all do it in one way on another. I still want to know where my Nobel prize is?
In the Economists’ Voice, March, 2007, Barbara Bergmann argued that economics is the least empirical of the social sciences. In fact, almost no empirical testing is done, or theory is applied. Managers appear to be unfamiliar with concepts like marginal cost and marginal revenue and set prices by guessing and rules of thumb.
The Economist writes: “[Mechanism Design] was increasingly put to work on tasks ranging from how to auction a radio spectrum to devising a better way of paying defence contractors than cost-plus contracts (which create incentives for the contractor to be inefficient) or fixed-price contracts (which may result in overpaying).”
It’ hard to believe that this Administration actually did use Mechanism Design to pay defense contractors, if in many cases these contractors receives no-bid contracts. Or where these all hypothetical examples? Has Mechanism Design ever been tested or applied in a real world context?
In the Economists’ Voice, March, 2007, Barbara Bergmann argued that economics is the least empirical of the social sciences. In fact, almost no empirical testing is done, or theory is applied. Managers appear to be unfamiliar with concepts like marginal cost and marginal revenue and set prices by guessing and rules of thumb.
The Economist writes: “[Mechanism Design] was increasingly put to work on tasks ranging from how to auction a radio spectrum to devising a better way of paying defence contractors than cost-plus contracts (which create incentives for the contractor to be inefficient) or fixed-price contracts (which may result in overpaying).”
It’ hard to believe that this Administration actually did use Mechanism Design to pay defense contractors, if in many cases these contractors receives no-bid contracts. Or where these all hypothetical examples? Has Mechanism Design ever been tested or applied in a real world context?
Why does The Economist of all places still make the mistake in calling it the ‘Nobel prize in economics’? It’s not a Nobel prize.
Why does The Economist of all places still make the mistake in calling it the ‘Nobel prize in economics’? It’s not a Nobel prize.