The Flat Earth Society has all but disappeared, but the efficient-market hypothesis is alive and well. This week, the Nobel Memorial Prize in Economic Sciences was awarded to its most tenacious advocate, Eugene F. Fama of the University of Chicago.
Customers of an undisclosed mid-Atlantic utility in 2011 received a series of five postcards in the mail informing them that their electricity use would be studied for a month. Their role was passive; they needn't do anything to participate. Just act normal and be studied.
Over the past few decades, economics has been the chief driver of success in the National Football League. Teams that best understood the limits and opportunities of the salary cap enjoyed an advantage on the field. You could call it the Age of the Nerd.
For several weeks now, I've been in terrific spirits. It's not that I was depressed before that — I've generally been feeling fine — but I'm talking about another level here, something akin to elation. There are some external explanations for how I'm feeling, but on reflection, I don't think it's fundamentally about what's going on outside me so much as inside. Instead, it's about a very small,...
For Elizabeth Warren , the Obama administration adviser setting up the Consumer Financial Protection Bureau, simpler mortgage paperwork is a “regulatory sweet spot” that will cut lender costs and borrower confusion.
John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge, has a theory. He says there would be fewer stock market bubbles and crashes if women and older men handled most of the trading. “There is less diversity in the financial world than in the military,” he quips. “On Wall Street, we have one slice of the population -- young men -- running our trading floors. That leads to extreme behavior: They go wilding.”
When the members of the class of 2015 arrived at Harvard College this fall, they encountered a novel bit of moral education. Their dorm proctors -- the grad students who live with freshmen to provide guidance and enforce discipline -- invited each student to sign a pledge developed by the Freshman Dean’s Office. It reads, in full: