asymmetric information
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In this lecture, Professor Kagan addresses what scholars call the Homeric question. He asks: what society do Homer's poems describe? He argues that in view of the long oral transmission of the poems, the poems of Homer probably reflect various ages from the Mycenaean world to the Dark Ages. More importantly, close scrutiny of the poems will yield historical information for the historian. In this way, one is able to reconstruct through the ...more
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We first discuss Zermelo's theorem: that games like tic-tac-toe or chess have a solution. That is, either there is a way for player 1 to force a win, or there is a way for player 1 to force a tie, or there is a way for player 2 to force a win. The proof is by induction. Then we formally define and informally discuss both perfect information and strategies in such games. This allows us to find Nash equilibria in sequential games. But we fin...more
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Genetic transmission is the mechanism that drives evolution. DNA encodes all the information necessary to make an organism. Every organism's DNA is made of the same basic parts, arranged in different orders. DNA is divided into chromosomes, or groups of genes, which code for proteins. Asexually reproducing organisms reproduce using mitosis, while sexually reproducing organisms reproduce using meiosis. Both these mechanisms involve duplicat...more
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June 12, 2007 presentation by Robert Robbins for the Stanford University Office of Science Outreach's Summer Science Lecture Series. Dr. Robbins, Professor & Chair of Cardiothoracic Surgery and Director of Stanford's Cardiovascular Institute, delivers information on the state of research, the newest studies, and the latest treatments for cardiovascular disease.
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In this decade, there will be a shift in the way small and medium companies do business, says Raikes. The next generation of workers will have 15 years of Internet experience when they enter the workforce and will expect great computing tools. They will only hire companies they can communicate with online. Small to medium businesses will need to adopt new business application software to help them communicate with customers, he adds....more
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Banks, which were first created in primitive form by goldsmiths hundreds of years ago, have evolved into central economic institutions that manage the allocation of resources, channel information about productive activities, and offer the public convenient investment vehicles. Although there are several types of banking institutions, including credit unions and Saving and Loan Associations, commercial banks are the largest and most importa...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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Several theories in finance relate to stock price analysis and prediction. The efficient markets hypothesis states that stock prices for publicly-traded companies reflect all available information. Prices adjust to new information instantaneously, so it is impossible to "beat the market." Furthermore, the random walk theory asserts that changes in stock prices arise only from unanticipated new information, and so it is impossible to predic...more
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Using LinkedIn as an example, Hoffman talks about the three main ideas which drive a successful social networking company. They are: Building a business profile, having a network for search and building an application on top of it. Such a concept not only helps employers to reference check prospective employees, but the other way as well.
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The exchanges in which stocks and other securities are traded serve an important function in finance. They bring together people interested in buying and selling securities in order to create a universal price. Brokers and dealers are also an important part of the system, their methods and standards are ultimately behind the success of the exchanges. Many information innovations have advanced the functioning of exchanges, going all the way...more
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Professor Diamond continues her discussion of the nervous system with a diagram of a cross section of a developing spinal cord in which she highlights the ependyma, the mantle layer, the neuronal soma, and the marginal layer. She compares the developing cord to an adult cord and discusses the ventricles, the posterior and anterior horn, and the lateral horn in the thoracic cord. After relating these to the sympathetic division of the autom...more
