Around the 1940s and 1950s, a defining moment in the development of economic thought was underway, led by academics such as Paul Samuelson and John … [Read more...] about Nash Equilibrium: Seeing the Forest Through the Trees
economics
Money and the Pursuit of Happiness
Economists love to talk about money. Everywhere you look, you see economists in news columns or on television chiming in. They offer projections about … [Read more...] about Money and the Pursuit of Happiness
Joining the Herd: Sheeple, or Rational Actors?
If recent years have taught us anything, it’s that the increase in the availability of information made possible by our almost unfettered … [Read more...] about Joining the Herd: Sheeple, or Rational Actors?
How to Take Over the World using Game Theory
Long before Rome was that vast and magnificent empire which occupies a prominent place in the modern public imagination, it was once only one of many … [Read more...] about How to Take Over the World using Game Theory
Covid Vaccinations and Your Noisy Neighbor
If you have ever lived in an apartment building, you have probably encountered them: the noisy neighbors. Whether it is running the vacuum or playing … [Read more...] about Covid Vaccinations and Your Noisy Neighbor
Why Do Airlines Overbook Flights?
If you travel a lot by airplane, you have almost surely encountered an overbooked flight. Maybe you were even the person who volunteered to get on a … [Read more...] about Why Do Airlines Overbook Flights?
Why Economists Don’t Want You to Stress Over Christmas Gifts
Once Halloween passes, big displays in stores remind us that it is time to start thinking about our Christmas shopping lists. Every year, many of us … [Read more...] about Why Economists Don’t Want You to Stress Over Christmas Gifts
Monopolies: Three Things Economists Want You to Know
Monopolies have played a major role in American economic history. From Standard Oil in the early 1900s to Microsoft in the early 2000s, there has been a … [Read more...] about Monopolies: Three Things Economists Want You to Know
What can game theory tell us about presidential elections?
Every four years, Americans get to witness a special kind of political spectacle: presidential elections. The US elections have two interesting features … [Read more...] about What can game theory tell us about presidential elections?