Saturday, May 9, 2015

Highly Linkable

We begin with some short videos:


The NFL Draft was last week. Brian Burke re-examined Massey and Thaler's landmark paper "The Loser's Curse: Decision-Making & Market Efficiency in the NFL Draft" applying the new CBA. The findings are interesting in that there continues to be little to no surplus value at the top draft picks with a lot to be had in the second and third rounds. This is not what the typical football fan (or GM) wants to think. Just to illustrate, look at what the Buffalo Bills did.

The supply of land (like all resources) is not fixed in the long run (and the long run does not mean a long time from now)--so explains Don Boudreaux.

Warren Zola asks, "What IS the NCAA's mission?"

Arnold Kling has a new meme: Teaching Emergent Economics. Don't miss the first one on trade as a technology.

Sumner argues that investing is not like guessing the winner of a beauty pageant as suggested famously by Keynes.

I love this technique, The Mellow Heuristic, Bryan Caplan argues using for adjudicating intellectual disputes when directly relevant information is scarce. I discovered it for myself and have used it since late childhood. 

Never shy of asking the tough questions, Robin Hanson asks us to rank the sacred.

Would you/should you/could you pay for a dinner reservation--so asks Tim-I-am Harford.

Finally, some counter-conventional wisdom (AKA, stuff people are getting wrong):

  • Alex Tabarrok exposes what business journalists and some economists don't understand about efficiency wages--their idea that paying workers more works magic.
  • Terry Burnham empirically challenges the idea born of Kahneman’s Thinking, Fast and Slow and echoed by Gladwell's David and Goliath that simply making problems harder to read improves test taker results.
  • Ken Popehat White breaks down what an emblematic McClatchy column on free speech gets wrong.
  • Alex Tabarrok appears again to show how Jon Stewart is wrong on many levels about education in Baltimore.
  • Scott Sumner says basically NOBODY understands the concept of "currency manipulation".