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This is the paper that made a nobel prize for him? Also, I found interesting that he needed to handwrite mathematical symbols over the typed text.

What do you think the outcome of the standard dilemma game might be if the labels of strategies changed from "cheat" and "don't cheat" to "rat out" and "be silent"?

In light of the current financial crisis, someone should do some work on the economics of bullshit, which is something a bit different from a strategy of lying or a strategy of bluffing.

See Harry Frankfurt, "On Bullshit":

http://www.gwinnettdailyonline.com/articleB5BD6D4417AF444DBD8F9770AA729B26.asp

All sorts of different people have been bullshitting across the course of this artificial boom and inevitable bust.

But where are the academic publications? Where are the dissertations? Where are the conferences and AEA sessions?

I think the "market for lemons" theory, also applied to the credit market, is more appropriate as I have shown on my blog.
http://mgiannini.blogspot.com/2009/03/european-banks-and-market-for-lemons.html
http://mgiannini.blogspot.com/2009/02/lemon-banking.html

Nash's dissertation was funded by the Atomic Energy Commission.

"Nash's dissertation was funded by the Atomic Energy Commission."

We have the U.S. Military Industrial establishment to thank for finally turning economics into a science.

"We have the U.S. Military Industrial establishment to thank for finally turning economics into a science."

Umm, it surely was a science before, but anyway there were some pretty interesting developments that finally went well beyond cold war concerns. The Rand Corporation had a huge influence, much bigger than the AEC.

Pete and I have argued (in the great Austrian Verbal Tradition) that the Cowles Commission had the greatest impact on developing economics mathematically -- so if that's how one defines science, then thank Cowles more than the Military Industrial Complex."

Dave -- it was a joke.

Mirowski documents how much the math programs at Rand and Cowles depended on U.S. Navy and other military funding, in his book _Machine Dreams_.

Off-topic, but I've launched a critical discussion of Austrian economics here, responding to Peter Boettke's encyclopedia entry on the topic. Civilised debate is welcome.

Taking up John Quiggin's point, Pete's piece was discussed on another centre/left group here last year.
http://clubtroppo.com.au/2008/11/25/austrian-economics-in-ten-points/

Regarding Nash, he really did believe that his equilibrium was the only "rational" approach. When he encountered Dresher and Flood carrying out the very first experiments on the repeated PD at Rand, where in fact the players did cooperate most of the time (although the economist one of them, Armen Alchian actually, was the holdout on moving to the cooperative solution, which also, fitting theory, broke down at the end), Nash was reportedly very upset, declaring that these cooperating agents were "irrational." Supposedly this would lead him to abandon studying game theory.

Mirowski is very critical of Nash, a bit too much so for my taste, as Mirowski much favored von Neumann over Nash, and argued that Nash's view of rationality fit in with his paranoid schizophrenic view of humanity, definitely a low blow.

Barkley,

I don't think I've read Mirowksi's exact statement, but I can see a link Nash equilibrium to paranoid schizophrenia, although I don't think it is a causal link. I imagine it was just a cruel coincidence that Nash himself had the malady. Anyway, in the Nash solution, merely imagining the "rational" thought processes of your opponent is a sufficient epistemic warrant for your conclusion that he will play Nash -- even when that implies highly intricate thought processes. The paranoid suffers from a kind of delusion that he can extract, with 100% certainty, all sorts of information about others merely through his own deliberations on what they must be thinking. At least that has been my understanding of the disease.

Raivo Pommer
raimo1@hot.ee

AIG-krise

Die US-Bevölkerung ist ob der teuren Renovierung ähnlich empört wie bei den AIG-Bonizahlungen für Versager-Banker, hatte doch der Staat in drei Tranchen rund 45 Milliarden Dollar in die Citigroup gepumpt, um einen Kollaps der Krisenbank zu vermeiden. "Es ist das falsche Signal“, sagte Charles Elson vom Weinberg Center for Corporate Governance der University of Delaware zu Bloomberg. Der Staat will seine Anteile an der Bank auf bis zu 40 Prozent aufstocken.

Das Institut selbst kann die ganze Aufregung um die Millionen-Renovierung nicht nachvollziehen und rechtfertigt die Ausgaben mit dem Argument, dass langfristig gespart werde. "Unsere Topmanager ziehen von zwei Fluren in kleinere, einfachere Büros auf einen Flur um", teilte die Bank mit. Weltweit will die Citigroup in den kommenden Jahren 15 Milliarden Dollar durch die Verknappung von Büroraum sparen.

Für die Citigroup ist die millionenschwere Renovierung nicht der erste Fauxpas. Erst vor wenigen Wochen war bekanntgeworden, dass die US-Großbank für 50 Millionen Dollar einen neuen Firmenjet Typ Dassault Falcon 7X kaufen wollte und trotz der Finanzkrise an der Bestellung aus dem Jahr 2005 festhalten wollte. Erst die Kritik von US-Präsident Barack Obama veranlasste die Bank zur Stornierung des Auftrags. Die Bank habe "keine Absicht, sich irgendein neues Flugzeug liefern zu lassen", hieß es in einer Mitteilung.

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thanks for the information about cold war. We all know the outcome of the always cheat strategy. yes only its good article.

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So, I reread that article about WoW, and it’s horribly outdated. Sure some of those things still apply, but it’s by and large, outdated.

Not that that disrupts any value from your blog post at all, but just note that a lot has changed in the past 4 years:
PVP ranks and Outdoor raid bosses have changed dramatically. Also, Blizzard has made huge strides in rewarding skill over time in a lot of different places.

One thing the writer of that article doesn’t see, is that there are other playstyles that aren’t just “get the best loot” that Blizzard has put a lot of time in to. He’s missing the exploration, the lore, the questing, and the collecting, or he just ignores it for the purposes of his article.

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