Tyler Cowan over at MR posts today that Sunday is apparently the unhappiest day of the week. I personally find the day to be most helpful as the rest of the week, for me at least, is uber-busy, full of deadlines and a demanding schedule. Sunday seems to be the day that provides much needed balance, time to communicate/spend with family and dear ones, as well as time to reflect and ponder. I suppose the study TC is quoting is premised on commercial purchases and spending. Be that as it may, it's good food for thought.
A paragraph says:
"It is Sunday, at least according to one study conducted in Germany, by Swedes. Could it be because there is much less to buy? Because the cities empty out? Because walking in nature is overrated? Because you are supposed to go to church or are supposed to spend more time with family? Indeed the effect is stronger for married people. For former East Germans there is not a significant Sunday effect."
Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
Sunday, November 29, 2009
Thursday, September 17, 2009
Fake Merchandize and Cheating?
If you are what you buy and what you buy is fake then are you more likely to cheat than those who only buy authentic goods?
Dan Ariely, author of Predictably Irrational addresses it here:
Tip of the hat to MR for the pointer
Dan Ariely, author of Predictably Irrational addresses it here:
Tip of the hat to MR for the pointer
Sunday, August 16, 2009
The Economics of Living Together
Tip of the hat to MR for the pointer.
The following data come from Switzerland and not from the US. Very interesting read. A bit says:
"How large are the economies of scale of living together? And how do partners share their resources? The first question is usually answered by equivalence scales. Traditional estimation and application of equivalence scales assumes equal sharing of income within the household. This paper uses data on financial satisfaction to simultaneously estimate the sharing rule and the economy of scale parameter in a collective household model. The estimates indicate substantial scale economies of living together, especially for couples who have lived together for some time. On average, wives receive almost 50% of household resources, but there is heterogeneity with respect to the wives’ contribution to household income and the duration of the relationship."
The following data come from Switzerland and not from the US. Very interesting read. A bit says:
"How large are the economies of scale of living together? And how do partners share their resources? The first question is usually answered by equivalence scales. Traditional estimation and application of equivalence scales assumes equal sharing of income within the household. This paper uses data on financial satisfaction to simultaneously estimate the sharing rule and the economy of scale parameter in a collective household model. The estimates indicate substantial scale economies of living together, especially for couples who have lived together for some time. On average, wives receive almost 50% of household resources, but there is heterogeneity with respect to the wives’ contribution to household income and the duration of the relationship."
Thursday, August 6, 2009
Statistics: It's Where It's At
Interesting article on the job market and careers in statistics.
Read it here.
“I keep saying that the sexy job in the next 10 years will be statisticians,” said Hal Varian, chief economist at Google. “And I’m not kidding.”
Thursday, July 23, 2009
School Rankings and Pay Scale
An interesting study on top salary potential by type of school.
Interesting for me to see that the place from which I received my Master's degree ranks higher than my PhD alma mater.
To see the full list, go here.
Interesting for me to see that the place from which I received my Master's degree ranks higher than my PhD alma mater.
To see the full list, go here.
Monday, July 6, 2009
Cowen on the Economy
If questions and anxieties about the current state of the economy are something you know a thing or two about, might I suggest that you read a new bit on the Economist?
Tyler Cowen, a well-known economist and co-author of one of my favorite blogs, marginal revolution, was asked a number of questions about the state of the economy. One of the questions asked:
"What has most surprised you about the current economic downturn?"
To which TC said:
"That it happened with such severity. As an economist I grew up reading and thinking about two formative events. The first was the crash of the real estate bubble in the late 1980s, preceded by the stock market crash in 1987. The second was the Third World debt crisis of the early and mid-1980s. Both were bad, but for the United States neither were like the last two years. I’ve never been a believer in any of the extreme forms of the efficient markets hypothesis, but those events made me overly complacent about how badly crashes and excess leverage can turn out. In the early 1980s I expected widespread insolvency for major U.S. banks and when they muddled through I ended up overrating their ability to do the same again."
Read the rest of it here.
Tyler Cowen, a well-known economist and co-author of one of my favorite blogs, marginal revolution, was asked a number of questions about the state of the economy. One of the questions asked:
"What has most surprised you about the current economic downturn?"
To which TC said:
"That it happened with such severity. As an economist I grew up reading and thinking about two formative events. The first was the crash of the real estate bubble in the late 1980s, preceded by the stock market crash in 1987. The second was the Third World debt crisis of the early and mid-1980s. Both were bad, but for the United States neither were like the last two years. I’ve never been a believer in any of the extreme forms of the efficient markets hypothesis, but those events made me overly complacent about how badly crashes and excess leverage can turn out. In the early 1980s I expected widespread insolvency for major U.S. banks and when they muddled through I ended up overrating their ability to do the same again."
Read the rest of it here.
Sunday, March 15, 2009
What I'm Reading
Edward Skidelsky's Ernst Cassirer: The Last Philosopher of Culture is definitely worthy of attention.
Ernst Cassirer, a German-Jewish philosopher (1874-1945), is one of the leading intellectuals of the Weimar period. His contributions to the liberal-idealist tradition are definitely worthy of more time and attention. I recommend.
Bethenny Frankel's Naturally Thin: Unleash Your SkinnyGirl and Free Yourself from a Lifetime of Dieting is an amusing and at times bizarre read. I have long maintained that dieting is rarely about the waist size and Frankel seems to support the same idea. In a roundabout way which is what makes her book, well, funny.
I find Frankel's book to be providing nothing new on the topic. What makes her book entertaining however, is how she explains that moderation is really where it's at.
William Cohan's House of Cards: A Tale of Hubris and Wretched Excess on Wall Street is an interesting 'reading' of the mess on Wall Street and how it it reached the point of break. This is an easy read and those who are not in the field of finance and economics should have no trouble following along. The book mostly delineates the far-reaching effects of unbridled greed. Definitely worthy a read.
Friday, March 13, 2009
Team Jon Stewart
This week, the tip of the hat goes to the importance of critical thinking and Jon Stewart for teaching the rest of cable news a thing or two about it.
Sorry, Jim Cramer.
I'm with Jon Stewart on this one.
Well, actually I'm with Jon Stewart a lot of the time.
CNC's Mad Money host, Jim Cramer, doesn't quite cut it for me. He makes a lot of noise, wears odd shirts that look like they're cutting the circulation to his arms, and, most importantly, engages in bizarre theatrics when giving us business news.
Cramer's show is a good example of how bad form can mess up what could be good content.
Stewart's Daily Show, on the other hand, is an example of how good form can adequately inform good content and, in the process, prove to be informative and funny.
Yup, I'm on Jon Stewart's side. He believes in critical thinking. Maria Bartiromo, get a clue from him, yes?
Here is why the Stewart vs Cramer 'word war' started.
And this is how all the other cable shows went to town with it.
Sorry, Jim Cramer.
I'm with Jon Stewart on this one.
Well, actually I'm with Jon Stewart a lot of the time.
CNC's Mad Money host, Jim Cramer, doesn't quite cut it for me. He makes a lot of noise, wears odd shirts that look like they're cutting the circulation to his arms, and, most importantly, engages in bizarre theatrics when giving us business news.
Cramer's show is a good example of how bad form can mess up what could be good content.
Stewart's Daily Show, on the other hand, is an example of how good form can adequately inform good content and, in the process, prove to be informative and funny.
Yup, I'm on Jon Stewart's side. He believes in critical thinking. Maria Bartiromo, get a clue from him, yes?
Here is why the Stewart vs Cramer 'word war' started.
And this is how all the other cable shows went to town with it.
Monday, March 9, 2009
Great Article on Economics and Dante
The true perk of Twitter is the info it gives me re: good new pieces to read.
The following is one such example.
I concur with the premise. What's even more amazing to me is that it is written by a Columbia College junior majoring in English called Lucy Tang.
Tip of the hat to you, Lucy!
As a matter of fact, we just talked about something similar in my medieval course today.
Dante, and the Middle Ages, are always relevant, folks. And I'm not just biased. I like to think I'm right. :)
"What Dante knew during the Medieval Ages still resonates strongly today. He finds usury distasteful because moneylenders generate money from money—not actual work. Like St. Thomas Aquinas once said, “It is in accordance with nature that money should increase from natural goods and not from money itself.” The crash was a huge wake-up call for former investment bankers—it essentially revealed to them that their life source had no grounding. Everything they dealt with dissipated within days.
Dante’s vocation as a poet, while considered laughable by many today, has a sense of enduring purpose. He can at least point to his poems and declare, “Here, I wrote this. These words are mine!” God, or nature, or maybe even DNA has endowed people with imagination and creative inspiration, and what could be more wonderful than revealing this innate potential?"
Read it all here.
The following is one such example.
I concur with the premise. What's even more amazing to me is that it is written by a Columbia College junior majoring in English called Lucy Tang.
Tip of the hat to you, Lucy!
As a matter of fact, we just talked about something similar in my medieval course today.
Dante, and the Middle Ages, are always relevant, folks. And I'm not just biased. I like to think I'm right. :)
"What Dante knew during the Medieval Ages still resonates strongly today. He finds usury distasteful because moneylenders generate money from money—not actual work. Like St. Thomas Aquinas once said, “It is in accordance with nature that money should increase from natural goods and not from money itself.” The crash was a huge wake-up call for former investment bankers—it essentially revealed to them that their life source had no grounding. Everything they dealt with dissipated within days.
Dante’s vocation as a poet, while considered laughable by many today, has a sense of enduring purpose. He can at least point to his poems and declare, “Here, I wrote this. These words are mine!” God, or nature, or maybe even DNA has endowed people with imagination and creative inspiration, and what could be more wonderful than revealing this innate potential?"
Read it all here.
Wednesday, January 14, 2009
Move over, Sartre. France has a new über-intellectual.
Tip of the hat to T. Cowen for the tip.
I enjoyed reading this as it does represent so much more than what the premise of the article seems to suggest. The über-intellectual at hand is Esther Duflo whose work on both sides of the pond is worthy of much following.
A bit says:
"She is Esther Duflo and was recently named one of the 100 most influential thinkers in the world (she came 91st). She begins a season of lectures this week at the Collège de France, the Everest of French intellectual life: a kind of PhD-level OU with no students and free lectures for all.
Mme Duflo is the youngest woman ever to be asked to lecture at this prestigious, 500-year-old institution at the heart of the Left Bank. Her introductory talk was the hottest (free) ticket in town. Several hundred people, including the former prime minister, Dominique de Villepin, arrived too late and were locked out.
Mme Duflo is a "development economist" one of the world's greatest experts – perhaps the greatest – on why development programmes in poor countries often fail and why they sometimes succeed. Her precise field of expertise has existed less than a decade. She is among its inventors."
Read it. You can't help but be impressed. Find it here.
Tuesday, December 30, 2008
Breakups and Housing Fall
Breakups are costly. Especially if one or both parties bring significant resources to the union. And if both parties have invested in real estate, splitting the sale money post-breakup might not be what it once was. When couples buy property together they face a different melody in the reality of the big housing fall.
The Times has a good piece on this. A paragraph says:
"In a normal economy, couples typically build equity in their homes, then divide that equity in a divorce, either after selling the house or with one partner buying out the other’s share. But after the recent boom-and-bust cycle, more couples own houses that neither spouse can afford to maintain, and that they cannot sell for what they owe. For couples already under stress, the family home has become a toxic asset.
“It’s much harder to move on with their lives,” said Alton L. Abramowitz, a partner in the New York firm Mayerson Stutman Abramowitz Royer.
Mr. Abramowitz said he was in the middle of several cases where the value of the real estate could not be determined. “All of a sudden,” he said, “prices are all over the place, people aren’t closing, and it becomes virtually impossible to judge how far the market has fallen, because nothing is selling.”"
Read more here.
Thursday, August 14, 2008
A Penny for Your Car?
Just read this over at BBC.
"An Ohio man with a hatred of paper money slapped down $8,000 in coins at a car dealership to buy a Chevrolet pick-up - then paid the rest by cheque.
James Jones, 70, produced 16 coffee cans full of coins to buy his new Chevrolet Silverado in Cincinnati and staff spent 90 minutes counting it."
Read more here.
graph per bbc
Thursday, July 24, 2008
Happiness Project
I have a hard time with phrases like 'working on being/getting happy' because, to me, they simply add much pressure and a good measure of anxiety, among other things. Ergo, I agreed with many of Tyler's answers. People are as they are and seeking [solely] a non-ending state of bliss sounds not only bizarre but also problematic. Plus, doesn't it sort of get in the way of our respective productivity?
So, Gretchen Rubin's interview with one of my favorite bloggers, economist Tyler Cowen, is worth a read.
Here's a bit:
"Gretchen: What’s a simple activity that consistently makes you happier?
Tyler: Why don't we start with food, sleep, and sex? There's writing, blogging, and reading too, not to mention consuming artificially created stories. In fact most of life seems to fit under #1.
Gretchen: What’s something you know now about happiness that you didn’t know when you were 18 years old?
Tyler: I wasn't so wise at 18 but I'm still not so wise today. I have the same basic temperament, which is the main thing.
Gretchen: Is there anything you find yourself doing repeatedly that gets in the way of your happiness?
Tyler: Not that I can think of. Being grudge-free is very important and I've done OK on that score."
Read more here.
So, Gretchen Rubin's interview with one of my favorite bloggers, economist Tyler Cowen, is worth a read.
Here's a bit:
"Gretchen: What’s a simple activity that consistently makes you happier?
Tyler: Why don't we start with food, sleep, and sex? There's writing, blogging, and reading too, not to mention consuming artificially created stories. In fact most of life seems to fit under #1.
Gretchen: What’s something you know now about happiness that you didn’t know when you were 18 years old?
Tyler: I wasn't so wise at 18 but I'm still not so wise today. I have the same basic temperament, which is the main thing.
Gretchen: Is there anything you find yourself doing repeatedly that gets in the way of your happiness?
Tyler: Not that I can think of. Being grudge-free is very important and I've done OK on that score."
Read more here.
Tuesday, May 27, 2008
Two Economists Go At It
Via Tyler Cowen over at MR. A conversation between Tyler and Bryan Kaplan, as the latter remembers it....
Tyler: People like to think they're special, but we're all pretty much the same.
Bryan: No we're not. Some people are really great; others are simply awful.
Tyler: That's just the kind of thing people say to make themselves feel special.
Bryan: You don't really believe that.
Tyler: Do too.
Bryan: What if we use the metric of your willingness-to-pay to spend an hour with a person? There are a few awesome people you would pay thousands of dollars to meet. But you'd pay hundreds of dollars to avoid an hour with most people.
Tyler: [3-second hesitation.] Well, it's not clear why that should be the relevant metric.
Bryan: But it's your metric!
Tyler: What's so special about my metric?
Bryan: What's so special about it? By definition, that metric captures everything that you think matters. And by that very metric, people are not "pretty much the same." They're incredibly different.
Hm. What say ye?
Tyler: People like to think they're special, but we're all pretty much the same.
Bryan: No we're not. Some people are really great; others are simply awful.
Tyler: That's just the kind of thing people say to make themselves feel special.
Bryan: You don't really believe that.
Tyler: Do too.
Bryan: What if we use the metric of your willingness-to-pay to spend an hour with a person? There are a few awesome people you would pay thousands of dollars to meet. But you'd pay hundreds of dollars to avoid an hour with most people.
Tyler: [3-second hesitation.] Well, it's not clear why that should be the relevant metric.
Bryan: But it's your metric!
Tyler: What's so special about my metric?
Bryan: What's so special about it? By definition, that metric captures everything that you think matters. And by that very metric, people are not "pretty much the same." They're incredibly different.
Hm. What say ye?
Wednesday, January 23, 2008
The Logic of Life
The Logic of Life by Tim Hartford tackles so-called illogical and irrational quotidian things. The main question he investigates in the book is: just how can one make sense of certain things in life?
Life, Hartford's book says, is not as insanity-filled as it might appear to be.
Life is, actually, quite logical if seen in the right context and with the right measure of lucidity.
Hartford's book is a beautifully presented picture of human life. Instead of numbers, data, and statistics, the verbally inclined economist makes his point by recounting human stories and experiences. For therein lies a fundamental understanding of our seemingly illogical existence.
An excellent read.
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