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In this lecture, Professor Diamond continues her description of the histology of muscles and then launches her discussion of the digestive system. She discusses the histology of skeletal muscles and walks through the process of muscle contraction. Professor Diamond then transitions to the digestive system. She begins with an overview of the functions of the digestive system, including preparing food for digestion, digesting food, absorp...more
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Concerns about low fertility have been present in many countries for at least 100 years. A large population was considered essential to national power. But the issue is never simply a shortage of warm bodies: overall the world population has increased dramatically over this period and untold numbers would immigrate, if allowed. The issue is the number of the 'right sort' of people, defined as those having preferred national, religious, rac...more
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Generic Lsearch - Prototype, Comparison Function, Implementation, Casting Void*S to Char*S to Compute Byte Offsets, Client Use of Generic Lsearch, Example of a Comparison Function for Integers, More Complicated Data Types and Lsearch- Example Using C-Strings, Comparison Function for Two C-Strings, With Arguments that Represent Char**S, Comparison Functions Where the Key is a Different Type than the Second Argument, Using a Pointer to a Str...more
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Until recently, the world population has been growing faster than exponentially. Although the growth rate has slowed somewhat, there are about 80 million more people each year and about 3 billion more will be added by 2050 (a 50% increase). Population will probably increase more beyond that. Such growth is unprecedented and we cannot predict its long-term effects. The environmental impact of this population increase is bound to be astronom...more
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We analyze three games using our new solution concept, subgame perfect equilibrium (SPE). The first game involves players' trusting that others will not make mistakes. It has three Nash equilibria but only one is consistent with backward induction. We show the other two Nash equilibria are not subgame perfect: each fails to induce Nash in a subgame. The second game involves a matchmaker sending a couple on a date. There are three Nash equi...more
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The sanitary movement was an approach to public health first developed in England in the 1830s and '40s. With increasing industrialization and urbanization, the removal of filth from towns and cities became a major focus in the struggle against infectious diseases. As pioneered by Edwin Chadwick, the sanitary movement also embraced an explicit political objective, according to which urban cleansing took on a figurative as well as a literal...more
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In order to understand “where we come from”, we must understand the evolutionary history of life, and in order to understand that, we must understand the physical history of the earth, and in order to understand that, we must understand its history in the solar system, and in order to understand that….you get the idea. So, to start the course we will go all the way back to the origin of the universe. At the time of the Big Bang, words ...more
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In this lecture, Professor Freeman discusses the Articles of Confederation. Although they seem hopelessly weak in the long view of history, the Articles made perfect sense as a first stab at a national government by a people who deeply distrusted centralized power - a direct product of their recent experience of the British monarchy. Among the many issues that complicated the drafting of the Articles, three central issues included: how war...more
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We consider games in which players move sequentially rather than simultaneously, starting with a game involving a borrower and a lender. We analyze the game using "backward induction." The game features moral hazard: the borrower will not repay a large loan. We discuss possible remedies for this kind of problem. One remedy involves incentive design: writing contracts that give the borrower an incentive to repay. Another involves commitment...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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Insurance provides significant risk management to a broad public, and is an essential tool for promoting human welfare. By pooling large numbers of independent or low-correlated risks, insurance providers can minimize overall risk. The risk management is tailored to individual circumstances and reflects centuries of insurance industry experience with real risks and with moral hazard and selection bias issues. Probability theory and statist...more
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David Kelley, founder and CEO of IDEO Product Development, grew up in Ohio, where he survived on a diet of Velveeta cheese and white bread, He attended Carnegie Mellon and studied electrical engineering, but spent more time working on carnival floats. After graduation, he worked for Boeing on the 747. He learned early that in a large company, he didn't get to choose the people he worked with. He came to the Graduate Product Design Program ...more
