Russ Roberts interviews Pete Boettke on Nobel Laureate Elinor Ostrom and the Bloomington School. As you listen, note near the end of a slight dig against the 2007 Nobel Prize topic of mechanism design. Ostrom’s work would suggest that trial-and-error and cultural evolution may design mechanisms for dealing with resource allocation problems as well or better than mechanisms designed by experts.
Nov 30 2009
Tyler Cowen thinks that China is making the wrong bet. Automobiles, steel, semiconductors, cement, aluminum and real estate all show signs of too much capacity. In Shanghai, the central business district appears to have high vacancy rates, yet building continues. The Financial Times agrees. The scale of the excess c...
Nov 30 2009
In Book 1, otherwise favorably, Eric Falkenstein writes, I found their general description of finance to have a misleading emphasis. There was an exposition where assets have risk characteristics that are obscured as they are passed up a food chain, until finally there is greater liquidity, but less information availa...
Nov 30 2009
Russ Roberts interviews Pete Boettke on Nobel Laureate Elinor Ostrom and the Bloomington School. As you listen, note near the end of a slight dig against the 2007 Nobel Prize topic of mechanism design. Ostrom's work would suggest that trial-and-error and cultural evolution may design mechanisms for dealing with resou...
READER COMMENTS
Pedro
Nov 30 2009 at 8:09pm
Pete has written approvingly about mechanism design in the past. My takeaway was 1) if you’re going to plan a ‘market’, then mechanism design theory helps account for incentive compatibility, and 2) it will still leave out a lot, and so experimentation is still necessary. Of course, then you need mech design to construct the meta-rules governing experimentation… and so on.
Ryan Vann
Dec 1 2009 at 9:04am
Great chat. Mr. Boetkke is an excellent orator, and a very smart man. I didn’t catch who was hosting, but he also did a great job. T
hanks for making this available.
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