Tag Archives: saturday morning breakfast cereal

[unable to retrieve full-text content]YOU GUYS CHECK OUT THE HOVERTEXT ON THE SITE… Also, more commentary here.

[unable to retrieve full-text content]YOU GUYS CHECK OUT THE HOVERTEXT ON THE SITE… Also, more commentary here.

As a related matter, never say “give me all of your money” when mugging an economist: “So, like, do you mean only M1 or do I need to hand over M2 as well? Are you only counting items officially recognized as currency or are you demanding all items that could function as money? Technically speaking, fiat money has no intrinsic value so is there any chance I can convince you that this is not worth your time?” You can also see the post on the original site here.

[unable to retrieve full-text content]I feel like this is something that most social scientists can relate to… (See more on economistsdoitwithmodels.com.)

You know you’re an econ/math nerd if you read this and think “haha, it’s like the matching pennies game.” But hear me out…here’s the matching pennies game, and, like the joke, the crux of the game is that there is no Nash equilibrium without randomization. To further the analogy: The matching pennies game works as it does because player 1, let’s say, “gets off” when the pennies match whereas player 2 gets off when the pennies don’t match. (This wording hopefully shows the intuition of why...