I am back from my electricity and experimental economics-fest in Washington, where I read this good Washington Post column by David Ignatius on the question of whether attacking Iraq is about oil. He points out some of the important economics of global oil markets, which politicians and pundits often conveniently forget. He also points out …
Tech Central Station is full of goodies today, including this article from Jennifer Zambone on experimental economics, Arnold Kling on investing and the margin of safety, and Jim Glassman on investing in the “Nifty 50”. Very interesting. OK, I’m off to teach.
Okay, I admit it, I’m a gearhead. Tools, gadgets, all very cool. Energy industries are chock full of really cool technology, as indicated in this Globe and Mail article about 3-dimensional computer imaging of potential drilling sites, based on seismic data. Such technology enables the petroleum engineer to survey the plot from Calgary instead of …
Here is a nifty Economist article on how the Internet is scale-free, and has evolved into an order that is less random than you might think. These traits have implications for many things, including how you address viruses. It’s a great example of decentralized, emergent, spontaneous order, and it does have order as one of …
David Warsh has written this superb column on experimental economic’s development, and Vernon Smith’s role in that development. He tells the story very well, illustrating the experimental diaspora from the vibrant group of scholars at Purdue in the late 1950s and early 1960s. Warsh also mentions one of those scholars, Jonathan Hughes, who was a …
Virginia Postrel’s New York Times column today addresses new institutional economics and the rich array of fascinating economic research going on in NIE right now.
This Reason interview with Vernon Smith is a good read, with lots of insight into experimental economics. And this New York Times article from today discusses both Smith’s and Kahneman’s work.
I have an editorial in the Wall Street Journal today on the importance of experimental economics and Vernon Smith’s Nobel prize.
Vernon Smith has won this year’s Nobel Prize in Economics for his pioneering work in experimental economics. This is outstanding! See the press release from Mercatus for further details. See also my post from yesterday about electricity experiments and demonstrating the benefits of choice. Vernon Smith and his work form part of the foundation of …
In a Philadelphia Inquirer column yesterday, Andrew Cassel said it beautifully: The real shame of Enron isn’t that its top executives got filthy rich off of crooked deals and phony accounting. It’s that the company took a good idea and poisoned it. The good idea is competition, specifically competition in the production and delivery of …
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