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Can be found at this excellent post on Economist’s View. Lehman is down, Merrill Lynch is sold – this is far bigger than the collapse of Bear Stearns (especially since it appears to be absent a straight bailout). I suppose we will have a clearer indication of what is going on tomorrow. Expect our dollar […]
ISCR have just launched New Zealand’s first prediction market. From iPredict: Who’s going to be the next Prime Minister – Helen or John? Will the price of petrol be $3 a litre by Christmas? Will Winston be sacked before election day? These are some of the questions Kiwis may find themselves backing their opinions on […]
Many climate change sceptics argue that the IPCC’s predictions are highly uncertain. Over at Vox, Paul Klemperer suggests that this should make us more worried, rather than reassuring us. …[If] the models merely underestimated the uncertainty, the range of plausible outcomes is now greater, so… defences would need to be higher for us to feel […]
One thing that gets to me is the fact that people from both sides of the political spectrum love to avoid costs. As economists pride themselves in discussing the opportunity cost associated with any given policy or action, we end up being attacked by both sides (Update: Including psychologists it seems. Dang I thought they […]
My attention has been drawn (thanks Paul) to an article which describes how one might find the optimal number of members of parliament in a representative democracy. In a nutshell, a parliament with too few representatives is not “democratic” enough, possibly leading to an unstable political system, in which various undesirable forms of political expression, […]