Mapping Economics

Jessica YungEconomics, Education

Scroll down for sample diagrams. Motivation: How can I contribute with my meagre knowledge of Economics? When you spend over twenty hours a week studying, you cannot help but ask, ‘Am I going to use a significant proportion of this later on in life, especially if I don’t become an economist? (No.) If not, why am I spending time learning … Read More

A critique of the Ellsberg Paradox

Jessica YungEconomics

Ellsberg Paradox We discussed the following version of the Ellsberg paradox in a microeconomics lecture yesterday: There is an urn with 100 red balls and 200 balls that are each either blue or green. (e.g. may have 100 red and 200 blue or 100 red, 199 green and 1 blue.) You have two choices. Choice 1: (a)  Receive 1,000 if … Read More

18 Game Theory Ideas

Jessica YungEconomics

Image creds: SMBC Here are 18 game theory-related ideas I came up with in the last Game Theory lecture of term. These are things that I think would be interesting to explore and are suited to (but do not require) people who have elementary knowledge of game theory. Look into Quantum game theory. Create a game theory problems tree. E.g. … Read More

Eradicating Unemployment with On-Demand Services?

Jessica YungEconomics

This week our Macroeconomics lecturer suggested that on-demand services such as Uber and TaskRabbit might eradicate unemployment. He claimed figures showed that unemployed people spent only two hours a week on average looking for jobs, so with Uber etc. they could earn money and work while still having enough time to look for new jobs they’d like to move on … Read More

Social Choice Theory Parts 1-3: A Summary (Stanford Encyclopaedia of Philosophy Article by Christian List)

Jessica YungEconomics

In this post I outline what was included in the first three parts of the Social Choice Theory entry (written by Christian List) in the Stanford Encyclopaedia of Philosophy. Unless otherwise labelled by ‘Thoughts:’, all content is paraphrased or quoted from List’s article. 1 Social Choice Theory is The study of collective decision processes and procedures. Concerns the aggregation of individual inputs … Read More

What does the Lagrange Multiplier mean?

Jessica YungEconomics

Note: The crux of this post really is in talking about the Lagrange Multiplier, so scroll down to ‘The Lagrange’ for that. What is a constrained optimisation problem? Suppose we want to maximise our own utility (our enjoyment) but have a limited amount of resources (time and money, say) we can use to do that. Or say I want to … Read More

What is a Game Theoretic Best Choice? Part I

Jessica YungEconomics, Uncategorized

The aim of this series is to come up with some formalisation of what a game theoretic best choice is without reference to established results before the material is covered in lectures. I will then compare my formalisation to established results. Notation In Dr. Elliott’s lectures we defined a Nash Equilibrium to be when for all and for all . stands … Read More

Social decision rules and Condorcet’s Jury Theorem

Jessica YungEconomics

Thoughts from Microeconomics Lecture 1, Cambridge Economics Part IIA (Michaelmas) Social decision rules Dr. Elliott introduced four social decision rules in this lecture. Social decision rules are rules by which a society collectively makes decisions, e.g. whether or not they should exit a union. The four decision rules introduced were Majority Rule (get >50% of the vote to win), Super … Read More