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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 CAPTURE of the last territory controlled by the Islamic State on Saturday was far from a final victory over the movement, as U.S. commanders and diplomats were careful to emphasize."
"How a Gay Teen, an Internet Nazi, and a Late-Night Rendezvous Turned to Tragedy. When self-loathing meets the new age of online extremism."
"Benjamin Netanyahu ignored the intelligence operations of Beijing and Moscow for too long. Now, the Israeli government is finally paying attention, but it could be too late."
"Former Nick Jr. kids are now reckoning with this all-grown-up intrepid explorer, whose obstacles are a lot bigger than Swiper the Fox. And that is a hard pill to swallow."
"At the end of last week, the three-month Treasury bills' yield rose above the yield for 10-year Treasuries for the first time since 2007, prompting warnings that the U.S. is headed for recession later this year or in early 2020."
"A team of researchers from Ben-Gurion University of the Negev and Technion-Israel Institute of Technology attempted to answer some questions about voting with the help of artificial intelligence (AI)."
"The experts I spoke with all said that the internet had changed the way conspiracies spread, but conspiracies, both dangerous and petty, have always been with us."
"Pop culture today is obsessed with the battle between good and evil. Traditional folktales never were. What changed?"
"Trustful parents allow their children as much freedom as reasonably possible to make their own decisions. They trust their children’s instincts, judgments, and ability to learn from mistakes."
"Arugulagate. In 2007, Barack Obama was in Iowa, speaking as a presidential hopeful to a group of farmers who were worried about the stagnation of their crop prices while America’s grocery bills continued to rise."
"To say that information exists in and of itself is akin to speaking of spin without the top, of ripples without water, of a dance without the dancer, or of the Cheshire Cat’s grin without the cat."
"Ted Cruz replaces the Democrats’ muddled manifesto with a clear and unequivocal exploration of the hatred of Jews and its particular evils."