The so called Economic Environment

Much of the early-on Undergrad-ECON classes focus on recognizing in what consists and Economic Environment and how it affect consumer's willingness to pay for a certain good and/or supplier's willingness to exchange his good for a certain monetary value. Sometimes the way in which those introductory courses introduce this subject is disguised by the distinction … Continue reading The so called Economic Environment

Externality and Trees

Externality is an Economic concept that arises whenever private parties fail to perceive some implicit cost or benefit due to the decisions they make. Is one of the forms of "Market Failure" that we encounter in our daily lives (i.e. situations in which market allocation won't result in a socially optimal result), and the main reason … Continue reading Externality and Trees

Bounded Rationality….We are only humans…

From the assumptions in the field of Economics, one that is constantly criticized in and outside the field is rationality. Among many things of human existence, perhaps the concept of rationality is just as overrated as consistency (I won't get to my issue with consistency just yet, that's perhaps topic for another post).Rationality subdivides itself … Continue reading Bounded Rationality….We are only humans…

What if life only really has two days…

Mark Twain once said “The two most important days in your life are the day you are born and the day you find out why.” If that truly is the case, we should probably design our lives to indeed pursuing the epiphany of what makes us unique, our purpose among other human beings, our purpose … Continue reading What if life only really has two days…

PhD – The Transition from Consumption to Production

Getting a PhD is no easy task. I've never deluded myself into thinking so, after all, doctorate degrees aren't offered as cereal box prizes. I knew it would be hard, what I hadn't realized up until this point is the fundamental reason why becoming a doctor is so essentially harder than any other degree. Our … Continue reading PhD – The Transition from Consumption to Production

The decision to go to Grad School – Signaling game with intertemporal externality

There is extensive literature in Game Theory which approaches graduate education as a signaling game. I will give a brief explanation of this is, but if you feel like you would like to explore this further, I suggest chapter 16 of Steven Tadelis book: Game Theory - An Introduction, or a less formal literature in … Continue reading The decision to go to Grad School – Signaling game with intertemporal externality