Tyler Cowen of Marginal Revolution
asks: "Assuming you start from a multi-dimensional global utility maximum, which Lancastrian characteristics—with non-trivial shadow prices—would you like more of in a corresponding unconstrained equilibrium?"
posted by monju_bosatsu
on Jun 23, 2006 -
35 comments
Problems in infinite decision theory [pdf]. You are in hell and facing an eternity of torment, but the devil offers you a way out, which you can take once and only once at any time from now on. Today, if you ask him to, the devil will toss a fair coin once and if it comes up heads you are free (but if tails then you face eternal torment with no possibility of reprieve). You don’t have to play today, though, because tomorrow the devil will make the deal slightly more favourable to you (and you know this): he’ll toss the coin twice but just one head will free you. The day after, the offer will improve further: 3 tosses with just one head needed. And so on (4 tosses, 5 tosses, ….1000 tosses …) for the rest of time if needed. So, given that the devil will give you better odds on every day after this one, but that you want to escape from hell some time, when should accept his offer? More discussion
here.
posted by monju_bosatsu
on Nov 3, 2003 -
37 comments
Is the
budget deficit going to be the other shoe that drops on the Bush administration? In the OMB's
mid-session review [pdf], it admits the federal budget deficit would balloon to a record $455 billion this fiscal year after absorbing immediate costs from the war in Iraq, and then climb $20 billion higher in 2004. That's a 50% increase since the administration's last forecast five months ago. At least a few
economists think even that number is underestimated. To top it off, the consequences of an increasingly large deficit and accompanying tax cuts are being
passed on to the states. How's that for a neat twist on federalism?
posted by monju_bosatsu
on Jul 15, 2003 -
9 comments
