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”

Douglass North: How Did We Even Get Here?

The iPhone X just came out yesterday. This phone costs $999, has insane processing power, and has facial recognition that can be used to unlock the phone and make purchases. Technofears and privacy debates aside, this is a marvel of technology. I promise this isn’t an Apple commercial, I’m just taking a moment to be astounded at how far we’ve come today. Continue reading “Douglass North: How Did We Even Get Here?”

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”

Trygve Haavelmo: Bringing Economics To Decision Makers

Almost all the choices we make in life — like trying a new restaurant, deciding to go to school, or moving across the country for a new job — are made with some level of uncertainty. We might get food poisoning, take on a bunch of student loan debt and end up hating school, or find out you hate the new job and don’t like living in a place where you don’t know anybody, respectively. Continue reading “Trygve Haavelmo: Bringing Economics To Decision Makers”

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”

Richard Stone: Accounting is Coming

Accounting. A word that has struck terror in many an economists heart. Seeing so much math with zero theory involved usually causes a lot of people to not pay attention, myself included. However, some accounting contributions were important enough to warrant winning a Nobel prize. We shouldn’t take that lightly, and hopefully by the end of this we’ll at least grudgingly accept accounting. Continue reading “Richard Stone: Accounting is Coming”

Gerard Debreu: A Drunken Oily Equilibrium

Imagine the sweet life of mediocrity

Imagine there’s a mediocre guy that lives a routine and relatively happy life. He lives life smoothly, makes well-calculated decisions, and a squirrel rushing in front of his car, twice a year, is as “surprising” as it gets. Continue reading “Gerard Debreu: A Drunken Oily Equilibrium”