Kinetic Gas Theory
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The debate between contagionists and anticontagionists over the transmission of infectious diseases played a major role in nineteenth-century medical discourse. On the one side were those who believed that diseases could be spread by infected material, perhaps including people and inanimate objects, and on the other those who subscribed to the more venerable miasmatic theory. Although the contagionist view would be substantially vindicated...more
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This lecture addresses some final points about the CAPM. How would one test the theory? Given the theory, what's the right way to think about evaluating fund managers' performance? Should the manager of a hedge fund and the manager of a university endowment be judged by the same performance criteria? More generally, how should we think about the return differential between stocks and bonds? Lastly, looking back to the lectures on Social Se...more
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The stock market is the information center for the corporate sector. It represents individuals' ownership in publicly-held corporations. Although corporations have a variety of stakeholders, the shareholders of a for-profit corporation are central since the company is ultimately responsible to them. Companies offer dividends, stock repurchases and stock dividends to give profits back to shareholders or to signal information. Companies can ...more
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We introduce Game Theory by playing a game. We organize the game into players, their strategies, and their goals or payoffs; and we learn that we should decide what our goals are before we make choices. With some plausible payoffs, our game is a prisoners' dilemma. We learn that we should never choose a dominated strategy; but that rational play by rational players can lead to bad outcomes. We discuss some prisoners' dilemmas in the real w...more
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Work by Wöhler and Liebig on benzaldehyde inspired a general theory of organic chemistry focusing on so-called radicals, collections of atoms which appeared to behave as elements and persist unchanged through organic reactions. Liebig's French rival, Dumas, temporarily advocated radicals, but converted to the competing theory of types which could accommodate substitution reactions. These decades teach more about the psychology, sociology, ...more
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