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“[S]ince both fields are worth the same amount of money, what is the special preference for having [the tortfeasor] pay with the smaller, higher-quality field rather than the larger, lower-quality field? The standard answer given for this question is [that this] is preferable [from the paint of view of the plaintiff]. . . . In other words, a smaller, high-quality field costing $100 is more valuable than a larger, lower quality field of the same cost. . . .
A basic problem is posed to this approach from the perspective of economics [and] the concept of efficient markets. If a $100 high-quality field is worth more than a $100 low-quality field, why do they remain at the same price? Shouldn’t the high-quality field’s greater value be reflected by a correction in the markets such that it is now worth more than $100?…
It may be possible to resolve [this and similar] problems on the basis of a revolution in the study of economics that took place over the past half-century. Amos Tversky and Daniel Kahneman, two Israeli psychologists and scions of rabbinic dynasties, earned the Nobel Prize in economics in 2002 (received by Kahneman; Tversky was deceased by that point) on the basis of their research in the 1970s on behavioral economics…”
JJ Editor's Daily Picks
"The likely successor to British Prime Minister Theresa May, Boris Johnson, has plans to subsume the government department overseeing development aid into the foreign office, effectively eliminating it. That will destroy a post-Brexit United..."
"Gerard Baker, editor-at-large at the Wall Street Journal (no reflexively anti-Trump publication) recently wrote a piece decrying Donald Trump and his foreign policy as a fount of erratic unpredictability. This essay will give the counter view...."
"On Wednesday, Congresswoman Ilhan Omar announced that she will be visiting Israel and the Palestinian territories in the coming weeks. Omar will be accompanied by Rep. Rashida Tlaib. The two freshman congresswomen have become a focal point of..."
"Netflix may have lost US subscribers for the first time since it began making its own shows, but that didn't stop the streaming giant from dropping new figures about how many people are sucked into its Adam Sandler vortex. (Spoiler: More than..."
"A few years ago, Amy Balliett, CEO of a Seattle-based design and marketing firm, noticed that as the work week slogged on, her employees’ energy and productivity wilted. “That would slump to such an extent that the same task on Monday would..."
"Over the last few days the #faceappchallenge has taken over social media. This “challenge” involves downloading a selfie-editing tool called FaceApp and using one of its filters to digitally age your face. You then post the photo of your wizened..."
"Although there are plenty of irrational aspects to life in modern America, few rival the odd fixation on lawns. Fertilizing, mowing, watering — these are all-American activities that, on their face, seem reasonable enough. But to spend hundreds..."
"Can a book change the way we think? I don’t mean that in the sense of a reader’s opinion or ideology shifting—of course the right literary work can do that. But can a book rewire the brain itself, literally changing the way one particular mind..."
"It’s our job to let kids know we see and hear them, but we’re not necessarily going to solve siblings’ conflicts for them (or else they never get the practice). When squabbles start, imagine you’re a sportscaster and describe what you see in..."
"Magali Trejo-Martinez, a 22-year-old living in Salem, Oregon, recently went on a date that was rather uninspiring. “I had dinner, had a couple margaritas, and then went home,” is how she recapped the evening. This outcome wasn’t entirely..."
"The first lunar landing was many things — a D-Day-like feat of planning and logistics, a testament to the power of man's will, an ostensible propaganda coup for NATO. It was also, I think, one of the most misunderstood events in the history of..."
"THE FIRST TIME Bernie Sanders ran for president, he didn’t talk much about being Jewish. In fact, he didn’t talk much about himself at all. His 2016 primary campaign, like his whole political career, was relentlessly focused on one topic: income..."