Thomas Schelling: Winning the Game of Love (Without War)

Even though it may feel like the holidays are over, another is just around the corner. Valentine’s Day is coming and it’s an opportunity for loved ones to express their feelings for one another with chocolates or assorted gifts. But what am I supposed to get my girlfriend? What is she supposed to get me? Obviously, we know each other’s tastes and preferences, but we need a way of making sure that we are both on the same page for how much we will spend on each other. If my girlfriend buys me a nice, expensive watch, and I give her a $5 Starbucks card, I will be in the doghouse until July. Thomas Schelling’s adaptation of game theory can give some answers to this. Continue reading “Thomas Schelling: Winning the Game of Love (Without War)”

Robert Mundell: Three Choices? Not in My Financial Market! ?

With the bad weather blowing in and holidays around the corner, my mind has slipped into thinking about places I’d rather be than Virginia. Italy, Paris, Switzerland…I have visited Europe a couple times. Unfortunately, as my bank account can’t fund a trans-Atlantic flight, I have had to mostly reminisce of the good times there. Continue reading “Robert Mundell: Three Choices? Not in My Financial Market! ?”

John Nash: It’s All About the Game

Picture this:

You’re on a game show where you face off with another contestant in deciding whether you should split or steal a hefty pot of money. Each player is given the two options and must choose in secret of their intentions. If both choose to split, they each receive half of the pot. If one chooses to steal and the other chooses to split, the one who chooses steal takes the whole pot. If both choose to steal, neither player takes home any money. Continue reading “John Nash: It’s All About the Game”

Ronald Coase: And Now His Watch Has Ended

It makes me very sad that another season of Game of Thrones has ended. It is tough to know that you can get seven seasons in and every time you are still just as sad that it is over. One of the consistent (and oddly relatable) themes in the show has always been “the Wall,” located in the far north of Westeros, manned and maintained by the Night’s Watch. Continue reading “Ronald Coase: And Now His Watch Has Ended”

George Allais: Take a Gamble With Me

Whenever I went to my mom’s office growing up, often they would collectively buy tickets for the mega millions jackpot in New York. Almost 22 years later and no one from the office has gotten the lucky numbers, how cruel! Continue reading “George Allais: Take a Gamble With Me”

Franco Modigliani: How to Survive Shark Tank

One thing I enjoy doing in my spare time when I am not busy being nerdy with economics is watching YouTube clips of ABC’s hit show, Shark Tank. In this show, entrepreneurs are the contestants and the “sharks” are big ballin’ investors. Continue reading “Franco Modigliani: How to Survive Shark Tank”

George Stigler: Information is Power

It is July 4th weekend coming up. Woohoo! Some of you will be traveling and doing some mini vacations somewhere. I don’t know about my plans for the 4th just yet, but I know that I am going to try and head out somewhere. As long as I escape the nation’s capital on the nation’s birthday, I’m game. Continue reading “George Stigler: Information is Power”