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Keynesian Beauty Contest
A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, ''The General Theory of Employment, Interest and Money'' (1936), to explain price fluctuations in equity markets. It describes a beauty contest where judges are rewarded for selecting the ''most popular'' faces among all judges, rather than those they may personally find the most attractive. Overview Keynes described the action of rational agents in a market using an analogy based on a fictional newspaper contest, in which entrants are asked to choose the six most attractive faces from a hundred photographs. Those who picked the most popular faces are then eligible for a prize. A naive strategy would be to choose the face that, in the opinion of the entrant, is the most handsome. A more sophisticated contest entrant, wishing to maximize the chances of winning a prize, would think about what the majority perception of attractiveness is, and then make a selection based ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. Keynes's intellect was evident early in life; in 1902, he gained admittance to the competitive mathematics program at King's College at the University of Cambridge. During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Feud
''Family Feud'' is an American television game show created by Mark Goodson. It features two families who compete to name the most popular answers to survey questions in order to win cash and prizes. The show has had three separate runs, the first of which started in 1976. Its original run from 1976 to 1985 aired on American Broadcasting Company, ABC and in Broadcast syndication, syndication, with Richard Dawson as host. In 1988, the series was revived and aired on both CBS and in syndication with Ray Combs hosting until 1994, with Dawson returning until that version ended in 1995. In 1999, the series was revived through its first-run syndication with four different hosts: Louie Anderson (1999–2002), Richard Karn (2002–2006), John O'Hurley (2006–2010), and Steve Harvey (2010–present). Studio announcers who introduced the contestants and read credits included Gene Wood (1976–1995), Burton Richardson (1999–2010), Joey Fatone (2010–2015), and Rubin Ervin (2015–pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Finance
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavior ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tactical Voting
Strategic voting, also called tactical voting, sophisticated voting or insincere voting, occurs in voting systems when a voter votes for another candidate or party than their ''sincere preference'' to prevent an undesirable outcome. For example, in a simple plurality election, a voter might gain a better outcome by voting for a less preferred but more generally popular candidate. Gibbard's theorem shows that ''all'' single-winner voting methods are susceptible to strategic voting, unless there are only two options or ''dictatorial'' (i.e., a distinguished agent exists who can impose the outcome). For multi-winner elections no general theorem for strategic voting exists. Strategic voting is observed due to non-proportionality, electoral thresholds and quotas. Types of strategic voting ; (sometimes "useful vote"): A voter insincerely ranks an alternative higher in the hope of getting that candidate elected. For example, in the first-past-the-post election, voters may vote for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guess 2/3 Of The Average
In game theory, "guess of the average" is a game that explores how a player’s strategic reasoning process takes into account the mental process of others in the game. In this game, players simultaneously select a real number between 0 and 100, inclusive. The winner of the game is the player(s) who select a number closest to of the average of numbers chosen by all players. History Alain Ledoux is the founding father of the guess of the average-game. In 1981, Ledoux used this game as a tie breaker in his French magazine Jeux et Stratégie. He asked about 4,000 readers, who reached the same number of points in previous puzzles, to state an integer between 1 and 1,000,000,000. The winner was the one who guessed closest to of the average guess. Rosemarie Nagel (1995) revealed the potential of guessing games of that kind: They are able to disclose participants' "depth of reasoning." In his influential book, Keynes compared the determination of prices in a stock market to that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Focal Point (game Theory)
In game theory, a focal point (or Schelling point) is a solution that people tend to choose by default in the absence of communication. The concept was introduced by the American economist Thomas Schelling in his book ''The Strategy of Conflict'' (1960). Schelling states that "(p)eople ''can'' often concert their intentions or expectations with others if each knows that the other is trying to do the same" in a cooperative situation (at page 57), so their action would converge on a focal point which has some kind of prominence compared with the environment. However, the conspicuousness of the focal point depends on time, place and people themselves. It may not be a definite solution. Existence The existence of the focal point is first demonstrated by Schelling with a series of questions. The most famous one is the New York City question: if you are to meet a stranger in New York City, but you cannot communicate with the person, then when and where will you choose to meet? This is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. (The absolute advantage, comparing output per time (labor efficiency) or per quantity of input material (monetary efficiency), is generally considered more intuitive, but less accurate — as long as the opportunity costs of producing goods across countries vary, productive trade is possible.) David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing ''every'' single good than workers in other countries. He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The General Theory Of Employment, Interest And Money
''The General Theory of Employment, Interest and Money'' is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the " Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The ''General Theory'' is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planet Money
''Planet Money'' is an American podcast and blog produced by NPR. Using "creative and entertaining" dialogue and narrative, ''Planet Money'' claims to be "The Economy Explained." History The podcast was created by Alex Blumberg and Adam Davidson after the success of "The Giant Pool of Money," an episode they recorded for ''This American Life''. ''Planet Money'' was launched on September 6, 2008, to cover the financial crisis of 2007–08 in the wake of the federal takeover of Fannie Mae and Freddie Mac. In early 2020, ''Planet Money'' celebrated its 1000th episode, bringing back many former hosts and contributors to mark the occasion. , episodes are hosted by Robert Smith, Stacey Vanek Smith, Kenny Malone, Jacob Goldstein, Amanda Aronczyk, Mary Childs, Sarah Gonzalez, Karen Duffin, Cardiff Garcia, and Greg Rosalsky. Program The length of the podcasts ranges between 6–30 minutes. ''Planet Money'' uses abridged narratives to tackle popular, complex topics like American ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Public Radio
National Public Radio (NPR, stylized in all lowercase) is an American privately and state funded nonprofit media organization headquartered in Washington, D.C., with its NPR West headquarters in Culver City, California. It differs from other non-profit membership media organizations such as the Associated Press, in that it was established by an act of Congress. Most of its member stations are owned by non-profit organizations, including public school districts, colleges, and universities. It serves as a national Radio syndication, syndicator to a network of over 1,000 public radio List of NPR stations, stations in the United States. , NPR employed 840 people. NPR produces and distributes news and cultural programming. The organization's flagship shows are two drive time, drive-time news broadcasts: ''Morning Edition'' and the afternoon ''All Things Considered'', both carried by most NPR member stations, and among the List of most-listened-to radio programs, most popular radio p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
