Category economics

Strategies in the gaming industry

From the Harvard Business Review Blog Network, a great piece on pricing strategies in the industry for gaming consoles. In particular, the article describes Sony’s over-pricing of the PS3 at launch in 2006 – and Microsoft’s potential repeating of this mistake with this year’s $500 XBox One. A good read for gamers and economists alike!

Game Theory and the Price is Right

Ben Blatt at Slate uses game theory and statistical analysis to give some compelling winning strategies for every game on The Price Is Right. From bidding in the opening round (auction theory), to playing each game (dynamic game theory and much more) and spinning the big wheel. So if you are planning on hanging out with […]

Tuesday Talk: Golden Balls

A classic application of game theory on the British show Golden Balls: Thanks to a student for sharing this one!

Are we plagued by growthism?

Umair Haque thinks so: Growthism says: growth must be achieved at all costs. When growth is achieved; societies are said to be successful; when it is not, they are said to be failing. Growthism is willing to sacrifice everything for more growth. Even the very rights which enlightened societies once held to be inalienable. Are […]

Tuesday Talk: Shiller on Inequality

Nobel laureate Robert Shiller on the importance of addressing inequality, health and well-being, and nudges. Paul Krugman has emphasized this point often as well, as addressed in the NY Times last fall:  Researchers have long documented that the most educated Americans were making the biggest gains in life expectancy, but now they say mortality data […]

Coffee of the Future

I don’t post many articles about technology and the future, but one subheading on this Quartz article about baristas and the coffee industry really caught my attention: Kitchens are just factories we haven’t automated yet. Here’s one snippet about the Briggo Coffee Hause: Starbucks’ 95,000 baristas have a competitor. It doesn’t need sleep. It’s precise in a […]

Tuesday Talk: Markets in Everything?

Michael Sandel describes the prevalence of the market mechanism throughout society, and asks us to consider the potential (sometimes unintended) impacts of applying the principles of the marketplace to everything from upgrading your prison cell to incentivizing second graders to read books. And perhaps most importantly, on how the ubiquitousness of the market mechanism affects […]