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Full-Text Articles in Law
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
Faculty Scholarship
Non-cooperative game theory is at its heart a theory of cognition, specifically a theory of how decisions are made. Game theory's leverage is that we can design different payoffs, settings, player arrays, action possibilities, and information structures, and that these differences lead to different strategies, outcomes, and equilibria. It is well-known that, in experimental settings, people do not adopt the predicted strategies, outcomes, and equilibria. The standard response to this mismatch of prediction and observation is to add various psychological axioms to the game-theoretic framework. Regardless of the differing specific proposals and results, game theory uniformly makes certain cognitive assumptions …
Designing Incentives For Inexpert Human Raters, Daniel L. Chen, John J. Horton, Aaron D. Shaw
Designing Incentives For Inexpert Human Raters, Daniel L. Chen, John J. Horton, Aaron D. Shaw
Faculty Scholarship
The emergence of online labor markets makes it far easier to use individual human raters to evaluate materials for data collection and analysis in the social sciences. In this paper, we report the results of an experiment - conducted in an online labor market - that measured the effectiveness of a collection of social and financial incentive schemes for motivating workers to conduct a qualitative, content analysis task. Overall, workers performed better than chance, but results varied considerably depending on task difficulty. We find that treatment conditions which asked workers to prospectively think about the responses of their peers - …
Reputation As Property In Virtual Economies, Joseph Blocher
Reputation As Property In Virtual Economies, Joseph Blocher
Faculty Scholarship
No abstract provided.
Keynote Address: The Case For A Market Liquidity Provider Of Last Resort, Steven L. Schwarcz
Keynote Address: The Case For A Market Liquidity Provider Of Last Resort, Steven L. Schwarcz
Faculty Scholarship
This short paper, prepared as a keynote address, explains why the credit crunch is fundamentally a story about financial markets, not banks. Its cause was a collapse of securitization and other debt markets, which have become major sources of financing for consumers and companies. Deprived of this financing, consumers have had difficulty purchasing homes and automobiles, and companies have had difficulty purchasing inventory and making capital investments, causing the real economy to shrink. This paper examines how these financial markets should be protected. Although already subject to many prescriptive regulatory protections, these markets evolve faster than regulation can adapt. The …
Corn Futures: Consumer Politics, Health, And Climate Change, Jedediah Purdy, James Salzman
Corn Futures: Consumer Politics, Health, And Climate Change, Jedediah Purdy, James Salzman
Faculty Scholarship
The Mexicans have long been known as the Corn People, but that label perhaps provides a better fit for modern day Americans. The simple seeds of corn play a fundamental role unprecedented in the history of human agriculture. Corn now underpins two major sectors, arguably the two most important sectors, of our modern economy - food supply and energy supply. How we choose to consume this seed has far-ranging consequences for pressing issues as far apart as climate change and diabetes, energy policy and immigration, tropical deforestation and food riots.
Cruel, Mean, Or Lavish? Economic Analysis, Price Discrimination And Digital Intellectual Property, James Boyle
Cruel, Mean, Or Lavish? Economic Analysis, Price Discrimination And Digital Intellectual Property, James Boyle
Faculty Scholarship
No abstract provided.
Fairness And A Consumption-Type Or Cash Flow Personal Income Tax, Alvin C. Warren Jr.
Fairness And A Consumption-Type Or Cash Flow Personal Income Tax, Alvin C. Warren Jr.
Faculty Scholarship
No abstract provided.
Book Review, Paul D. Carrington