This is Michael Webster's Typepad Profile.
Join Typepad and start following Michael Webster's activity
Join Now!
Already a member? Sign In
Michael Webster
Recent Activity
1. The distinction between engineer versus gardener is not helpful once a Monsanto is created. 2. Roth is mostly designing matching markets. Exchanges between 2 or more parties which depend on more than price signals.
Toggle Commented Jan 23, 2014 on Engineering Markets (?) at Coordination Problem
Becker writes: "If the Fed had been following a rule that made its intervention dependent on some combination of inflation, output growth, and unemployment- as in Taylor rules- it probably would not have intervened before the crisis hit since all these measures were doing well." No, by late 2004 the FBI had serious concerns that the mortgage industry was rife with fraud. It was too easy to mimic mortgage paper. This was never a signal that the Fed understood - largely because nobody wants to entertain the notion that entire enterprises can become criminal in nature. What the Fed needs are not rules, but rather the general discretion to decide that what looked like investments were in fact gambles. Gambles are for the most part unenforceable agreements. The Netherlands took this approach in 1636 and it arguably confined a possible financial run to the taverns where the auctions for tulips had taken place.
1 reply
What you would like to see is this: 1. Have both parties primed to be confident. 2. Find out if this mutually confidence helps or hinders their ability to bargain. I predict that it that will hinder their ability.
Agree with half Jeff's point. Order apparently doesn't matter for small payments. As interesting as this experiment is, I doubt that people with access to a calculator are much fooled by the presentation of a non standard order.
Interested readers might want to read an article written by an IAFD key partner, Perry Shoom, on the paywall problem, collecting data for research, and the franchise industry here: The Internet and the Franchise Industry - How an industry misused the Internet (The article is free, but to comment you need sign in or register similar to this blog.)
1 reply
As a matter of clarification, a pyramid scheme requires participants to be paid for their bringing in participants, who further gain the right to be paid for ... A ponzi scheme generally doesn't require paid recruiters, recruiting for paid recruiters, .... A ponzi scheme is simply an insolvent investment with cash flow to last a number of investment periods.
The iPad is supposed to bundle media, previously available for free/ad supported on the net, and deliver a "better bundle". It is a news appliance and not a computer.
Toggle Commented Jan 19, 2011 on The Year of the Tablet at Small Business Labs
I am both an philosopher, PhD in Choice Theory, and an attorney. With about equal time in both, 15 years. The NY Times articles is a light hearted look at both the necessity and wastefulness of philosophical contemplation - no rush to judgment. At the other end of the spectrum, we have another type of necessity and wastefulness - rush to judicial pronouncement. Philosophical contemplation finds problems where the ordinary person would simply pass over. Look at any introductory text to philosophy which uses paradoxes to introduce the problem. Frege's puzzle of identity, for example, is one of these. (If a really does equal b, then how a = b be any more informative than the tautology a = a?) We spent more than 100 years on this problem with no great resolution in sight. And we may decide in the end that this was simply a wrong question. On the other end, clients who need decisions made for them employ advocates who have to persuade not by reference to logical arguments, but rather by type. Contract arguments have certain types, tort another. As advocates, we simply have no time to entertain a deeply skeptical position - we rush to judgment, and hope our rhetoric equal to the task. All in all, the article was skillfully done and has layers of amusing self reference and irony.
Michael Webster is now following The Typepad Team
May 18, 2010