atomic order
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Professor Freeman discusses what it meant to be a British colonist in America in the eighteenth century. She explains how American colonists had deep bonds of tradition and culture with Great Britain. She argues that, as British colonists with a strong sense of their British liberties, settlers in America valued their liberties above all else. She also explains that many Americans had a sense of inferiority when they compared their colonia...more
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In order to understand the precise predictions of the Leverage Cycle theory, in this last class we explicitly solve two mathematical examples of leverage cycles. We show how supply and demand determine leverage as well as the interest rate, and how impatience and volatility play crucial roles in setting the interest rate and the leverage. Mathematically, the model helps us identify the three key elements of a crisis. First, scary bad news ...more
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This lecture is about optimal exercise strategies for callable bonds, which are bonds bundled with an option that allows the borrower to pay back the loan early, if she chooses. Using backward induction, we calculate the borrower's optimal strategy and the value of the option. As with the simple examples in the previous lecture, the option value turns out to be very large. The most important callable bond is the fixed rate amortizing mortg...more
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October 26, 2007 lecture by Paul Tang for the Stanford University Human-Computer Interaction Seminar. Even more fragmented than American health care is the management of health care information. Faced with a barrage of poorly organized health information, physicians and other clinicians must sift through uninspired displays to glean pearls of information necessary to make clinical decisions. New tools for information gathering from patient...more
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The form of medicine that arose in fifth-century Greece, associated with the name of Hippocrates and later popularized by Galen, marked a major innovation in the treatment of disease. Unlike supernatural theories of disease, Hippocrates' method involved seeking the causes of illness in natural factors. This method rested upon an analogy between the order of the universe and the composition of the body's "humors." Health, on this view, was ...more
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Pedro Aspe, Former Secretary of Finance, Mexico and CEO of Protego, discusses two central conditions for an entrepreneurial society: 1) Education and 2) Reliable Institutions. Aspe emphasizes the importance of removing discretionary power, in matters of trade and finance, from the hands of public officials in order increase the reliability of an economic system. Aspe associates the remaining discretionary power on these matters with the ex...more
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Dan Springer, CEO of Responsys, shares tactics for nurturing and protecting human capital. Springer argues that managers often make the mistake of giving unrewarding but urgent work to their best performers, which is a short term strategy that can lead to burnout and the loss of a company's best human capital. Instead, managers and entrepreneurs should focus on the long term and give their most rewarding tasks to star performers in order t...more
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Turner talks about lessons learned in game development. The first lesson, she says, is that the product is only as good as the people that build it. The second lesson is to be a customer. In order to create a good product, she notes, the team was using the product everyday. The last lesson is to know when to add more features and when to cut and ship the product.
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Rick Wallace shares the history of KLA-Tencor to show that it is important to follow one's business model. KLA revolutionized the industry by starting to charge for service instead of just offering it up for free. In order to enforce this, the founder had to risk losing IBM as a client. However, his bet paid off, and IBM finally agreed to pay for service. This has led to a large and profitable annuity stream for KLA-Tencor....more
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The visual system has developed to allow us to navigate in a complex and dangerous world in order to find food and to avoid danger. This survival system works by building a complex three-dimensional model based on two-dimensional data from the retina. This model is tested against "reality" and checked with information from other senses and updated if needed. The brain suppresses the complexity of this processing and we believe that visi...more
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Ramdas's father was in the military, and her mother was a social activist. The family was a middle-class Indian family, yet privileged to be in such a position. As a result of her upbringing, Ramdas has a combination of seeking structure/order and an urge to constantly question authority. The family moved often, and she developed a strong sense of what it meant to be a global citizen.
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Historically, thousands of people have given their lives to explore new frontiers on land and sea. And space entrepreneur and X PRIZE founder Peter Diamandis deeply believes that the world today is risk-adversive to its own detriment. True breakthroughs that expand scientific capability and history always take a tremendous amount of adventurous spirit, and real mavericks need to be audacious in order to discover greatness. Capitalize on th...more
