Asymmetric Information
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Evan Williams, co-founder of Pyra Labs, creators of Blogger, talks about podcasting and how it started. He believes that due to the "webification" of audio, podcasting has become exciting and popular.
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When Yahoo! was a small company sorting through websites, says President Sue Decker, it was easy to stay close to the customer through the three legs of their business; advertisers, users, and content publishers. But as they began their upward scale to 500 million users, the systems they had in place could not hold. Their size and focus, Decker reflects, blinded them to the needs of their customer for many years.
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We discuss auctions. We first distinguish two extremes: common values and private values. We hold a common value auction in class and discover the winner's curse, the winner tends to overpay. We discuss why this occurs and how to avoid it: you should bid as if you knew that your bid would win; that is, as if you knew your initial estimate of the common value was the highest. This leads you to bid much below your initial estimate. Then we...more
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We look at two settings with asymmetric information; one side of a game knows something that the other side does not. We should always interpret attempts to communicate or signal such information taking into account the incentives of the person doing the signaling. In the first setting, information is verifiable. Here, the failure explicitly to reveal information can be informative, and hence verifiable information tends to come out even...more
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May 16, 2008 lecture by Rob Miller for the Stanford University Human Computer Interaction Seminar (CS547). Rob Miller discusses some of the explorations into keyword programming in the web automation domain, and also in other domains such as Java development. One surprising result is that programming language syntax often has relatively little information content, and can be inferred automatically from only a handful of keywords --...more
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The London School of Economics(LSE) offers a Bachelor of Science in Economics that can be earned entirely through distance learning. The program is administered through the University of London External System. Admissions: Applicants should be at least 17 years old and have a strong academic background, including preparation in mathematics. Please see the program website for more details. Requirements and Costs: The degree can be...more
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The USN accelerated online program offers accelerated nursing education that allows you to earn a BSN in just 14 months. This new program blends the personal convenience of online course study with enriching clinical learning in Henderson, Nevada. You will join a community of students and will be guided by faculty online and on-site in a flexible but deadline-driven setting that sufficiently prepares you for a career in...more
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The London School of Economics(LSE) offers a Bachelor of Science in Politics and International Relations that can be earned entirely through distance learning. The program is administered through the University of London External System. Admissions: Applicants should be at least 17 years old and have a strong academic background, including preparation in mathematics. Please see the program website for more details. Requirements and...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...more
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We first apply our big idea--backward induction--to analyze quantity competition between firms when play is sequential, the Stackelberg model. We do this twice: first using intuition and then using calculus. We learn that this game has a first-mover advantage, and that it comes commitment and from information in the game rather than the timing per se. We notice that in some games having more information can hurt you if other players know...more
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Mitch Kapor has been an entrepreneur since the 1980's, and here he pinpoints useful websites, educational programs, and learning opportunities that help level the playing field between seasoned venture capitalist and the first-time business operator.
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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...more
