A central tenet in modern economics is that crashes do not happen; we all know that they do . Therefore, the maxim should be restated as crashes are not supposed to happen according to the models we have. In fact modern economic theory be it the Efficient market Hypothesis or the Dynamic Stochastic General Equilibrium are…
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I have no idea why I find this interesting. Whoosh!” bragged geneticist Michael Myre, spreading his fingers and pushing his hands away from his body. “That’s what they’ll do.” ‘Whoosh’ is not a word often applied to the slime mould Dictyostelium discoideum — affectionately called ‘Dicty’ by its devoted following of cell biologists and geneticists — but Myre,…
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This is somewhat apt given that I spent last night in the dark due to a power failure. Click the player below to be taken to the NPR site and the podcast.
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The past decade has been a triumph for behavioural economics, the fashionable cross-breed of psychology and economics. First there was the award in 2002 of the Nobel Memorial Prize in economics to a psychologist, Daniel Kahneman – the man who did as much as anything to create the field of behavioural economics. Bestselling books were…
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It’s hard to find a place today where concepts of behavioral finance aren’t being applied to real-world situations. From London to Washington to Sydney, governments are experimenting with the psychology of decision-making and trying to “nudge” citizens toward better behaviors, whether that means saving more for retirement or signing an organ donation card. Meanwhile, businesses…
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If anyone is interested Cambridge University has an opening for the Lucasian Chair of mathematics. Previous holders include Issac Newton, George Stokes, Charles Babbage, Paul Dirac and Stephen Hawking. I am actually surprised by the advertisement since I thought they generally had someone earmarked for the job when the tenure of the incumbent ended.
Have you ever wondered why the world is like it is. I have to admit I used to ponder this question all the time but then I spent more time with people and began to realise that the majority of people are functional morons barely able to muster enough cognitive ability to wipe their own…
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I came across this magnificent graphic in this report by the consulting group McKinsey. It is one of those facts that you think you know but have not any way internalised. Of course my car sits idle for the majority of the time but when someone puts it in a graphic such as this it is…
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