Financial institutions
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In order for Social Security to work, people have to believe there's some possibility that the world will last forever, so that each old generation will have a young generation to support it. The overlapping generations model, invented by Allais and Samuelson but here augmented with land, represents such a situation. Financial equilibrium can again be reduced to general equilibrium. At first glance it would seem that the model requires a s...more
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Inspired by Charles Lindberg's Spirit of St. Louis, X PRIZE founder and space entrepreneur Peter Diamandis explains to interviewer George Zachary of Charles River Ventures that offering a high profile cash reward can often be more financially advantageous - and more aggressive in moving forward a societal push - than simply funding a good idea. Diamandis describes his incredible quest for funding, pitching hundreds of potential benefactors...more
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Until now, the models we've used in this course have focused on the case where everyone can perfectly forecast future economic conditions. Clearly, to understand financial markets, we have to incorporate uncertainty into these models. The first half of this lecture continues reviewing the key statistical concepts that we'll need to be able to think seriously about uncertainty, including expectation, variance, and covariance. We apply these...more
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Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251)In this lecture Professor Wrightson provides an overview of central political issues of the reign of Queen Elizabeth I. He discusses the Queen's personal character and identity-forming experiences (and the challenges posed by her gender), the manner in which she interacted with her political advisors (notably William Cecil) and addresses the foreig...more
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Until now we have ignored risk aversion. The Bernoulli brothers were the first to suggest a tractable way of representing risk aversion. They pointed out that an explanation of the St. Petersburg paradox might be that people care about expected utility instead of expected income, where utility is some concave function, such as the logarithm. One of the most famous and important models in financial economics is the Capital Asset Pricing Mod...more
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This lecture explains what an economic model is, and why it allows for counterfactual reasoning and often yields paradoxical conclusions. Typically, equilibrium is defined as the solution to a system of simultaneous equations. The most important economic model is that of supply and demand in one market, which was understood to some extent by the ancient Greeks and even by Shakespeare. That model accurately fits the experiment from the last...more
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In a world where technologies enable our communities to be at once local and global, the very essence of money is changing. We are living longer, yet our financial infrastructures are inherently short term. Young people seeking responsibly to plan their futures and their retirements find the conventional world of finance baffling and mostly inappropriate. This lecture explores these trends and looks to the future of money as a unit of acco...more
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Intrusion detection is the next big opportunity, says Thompson. However, it is 10% the size of the antivirus market, and is therefore relatively small. First generation intrusion detection technology was very difficult to deploy and manage he notes. Now these customers, especially those in the financial space, want intrusion prevention technology. Migration from software to hardware is first driven by desire to improve line speed. Thompson...more
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Professor Costa conducts a conversation/discussion with General Sir Richard Dannatt, Former Chief of the General Staff, to examine the challenges of leadership at a time of financial and geo-political dislocation. General Sir Richard Dannatt KCB CBE MC ADC professional roles include: Former Chief of the General Staff; Constable of the Tower of London and Chairman of the Royal United Services Institute for Defence and Security Studies ...more
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How do investors gauge whether a company is one from a pool of thousands worth their resources? KPCB parter Beth Seidenberg shares her firm's five measures for financial fortitude. In this clip, she outlines leadership, and how this is the most important talisman of a growing enterprise's success. In addition, she discusses the importance of large, fast-growing, under-served markets, and KPCB's willingness to take risk with new technologie...more
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Tech companies deposit about seven times the amount that they borrow. And at Silicon Valley Bank, recalls CEO Ken Wilcox, the methodology his venture has used to invest these excess deposits is a micro-history of commercial banking itself. Learn the lessons of the bank's lending in the 1980's to 1990's, and its investment in real estate developers and under-served niche markets. Learn also how these plans failed to provide financial stabi...more
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If the people who set the prices are the same people who set the production levels, then it's not really a market, and true supply and demand are a farce. David Rothkopf, author of Superclass: The Global Power Elite and the World They are Making, says that Europe is leading the planet in green energy technology thanks to government subsidies, including biofuels and wind energy. Rothkopf is optimistic that the US will eventually adopt these...more
