Information, The invisible Hand and Google. Michael Rothschild Princeton University
|
|
- Preston Lambert
- 8 years ago
- Views:
Transcription
1 Information, The invisible Hand and Google Michael Rothschild Princeton University In 1900 (David Hilbert, 1902) addressed the International Congress of Mathematicians on Mathematical Problems. He discussed the importance of problems for the development of mathematics and described 23 unsolved problems from all branches of mathematics. The search for solutions of these problems inspired much of 20 th century mathematics. In summer 2003 the 24 panelists for this conference received an asking them to describe problems whose solution would motivate the economists of the 21 st century. I suspect few mathematicians will subscribe to the equation (1) 24 economists = 1 Hilbert or even (2) Joe Stiglitz + 24 other economists = 1 Hilbert -- but it is a nice thought. Before getting down to the serious work of setting problems Hilbert observed: In dealing with mathematical problems, specialization plays, as I believe, a still more important part than generalization. Perhaps in most cases where we seek in vain the answer to a question, the cause of the failure lies in the fact that problems simpler and easier than the one in hand have been either not at all or incompletely solved. All depends, then, on finding out these easier problems, and on solving them by means of devices as perfect as possible and of concepts capable of generalization. This rule is one of the most important levers for overcoming mathematical difficulties and it seems to me that it is used almost always, though perhaps unconsciously This is an excellent statement of the MIT approach to economic theory which runs through Joe s best work. 1 12/09/03
2 Since Hilbert set forth 23 problems, the implication of equations (1) or (2) is that my brief is to set at most one problem. Does the decline in costs of finding and processing information lead to the occasional reappearance of the invisible hand? I searched Google for Stiglitz on Sept 3rd and found roughly 211,000 references. The first is appropriately to Joe s home page. Curious about the last, I began scrolling through the references. Mindful of (Robert M. Solow, 1970) s advice about difficult and unglamorous work 1, I considered getting a research assistant. However, Google soon informed me that: In order to show you the most relevant results, we have omitted some entries very similar to the 828 already displayed. Most of the references were to Joe s work but the 828th reference was to CNdb: Hugo Stiglitz... Nude Male Celebs. When I googled economics imperfect information I found about 206,000 references, (817 without duplicates). While not a perfect guide, (Stiglitz is not explicitly mentioned until page 2) it is pretty good; most references are to an excellent book, The Economics Of Imperfect Information (Louis Phlips, 1988); references abound to key papers, including several by Joe, that show that markets in which information is not freely available to all do not work very well. One could consider this a paradox. Google is a very efficient way for the uninformed to find out about how the world doesn t work very well for the uninformed. The paradox is overstated although it does remind me that when we worked together Joe or I would often proclaim that an example we had just worked out was a stake 1 But it may be what God made graduate students for. Presumably he had something in mind. 2 12/09/03
3 through the heart of capitalism, a demonstration that socialism cannot work or, very rarely, an illustration of the beauty of the market 2. The paradox is overstated because Google is far from perfect for the unsophisticated. A search for economics information produces a grab bag of results, the most prominent of which are about data or the new information economy. Google requires a fast internet connection not available to all in a world where close to a quarter of all people live on less than $1 a day.. Google is still a wonder. Google and the internet are prime examples of decreasing costs (close to zero marginal cost) and network externalities that are textbook causes of market failure and the need for centralization. In this environment Google does what economists have claimed prices do; it aggregates information in a decentralized manner; grist for its (cheap) mill is the data provided by people going about their business with no interest in producing the information that Google spits out. Let s consider first what Google does and how it works and then ask what the implications are for the economics of imperfect information. The Google algorithm (Sergey Brin and Lawrence Page, 1999, Lawrence Page and Sergey Brin, 1998) will be familiar to all economists. Suppose we have a set of web pages. Let (3) W ij=the number of times page i links to (cites) page j and let (4) w ij W ij = W j ij Then w= w is a Markov matrix which for simplicity we assume is irreducible (every ij page eventually cites every other page.) w has a unique positive eigen vector p. When 2 Sometime recalculation changed a sign and the nature of the universe. 3 12/09/03
4 normalized so that p i = 1, then p i is just the ergodic probability that page i will be linked or cited. When you search Google for Stiglitz you get the web pages that contain the text Stiglitz ordered by the size of their p i coefficient. The first is, appropriately, Joe s home page. (Ignacio Palacios-Huertay and Oscar Volijz, 2003) have observed that the Google algorithm is, the unique index of intellectual influence satisfying a set of apparently reasonable axioms. Google is much more than the ergodic theorem (M. Golubitsky et al., 1975) 3. Since the number of web pages is large (the source of Google s name), storing the text of all web pages is not trivial; nor is constantly calculating the appropriate eigen value of w. The most important problem is defeating those who wish to cheat Google by artificially inflating their probability of being linked. (Some years ago five graduates students in economics sent out an to five other graduate student; the consisted of their own names and a request that that recipients cite the papers of these students in their next paper, remove the name at the top of the list, append their own name to the list of names and forward the changed to four other graduate students.) Colleagues in computer science tell me that a secret and escalating war continues in which web pages try to inflate their Google ranking and Google tries to prevent them from doing so. The invisible hand argument is that it may be in people s self interest to create web pages whose links are informative; this makes the web page more useful and more likely to be read and cited/linked. Google performs the aggregation. It is of course true that Google has competitors and that Google must make money. Still decreases in costs of acquiring and processing information make Google cheap to operate and Google 3 A tribute to Joe would be incomplete with out a citation to one of the authors (unjustly) obscure papers. 4 12/09/03
5 does for Web pages what (Friedrich A. von Hayek, 1932) rather vaguely claimed markets and prices did for commodities 4. A question for economic theory is whether or not this is rare and anomalous or whether changes in information technology can lead to a new economic paradigm of the economics of information. Much of the argument to date has centered on two questions: 1. The viability of open software. Economists, in particular, (J. Lerner and J. Tirole, 2002) argue that standard economic arguments about incentives and rewards can explain phenomena like Linux. Others (see in particular(y. Benkler, 2002)) argue that open software is akin to the scientific enterprise in which many scientists continually add to our understanding of the way in which the world works. In physics, say, knowledge advances at an uneven pace. Some people make large contributions, some small. Science advances without, or despite, a formal hierarchy. Those who contribute to science are human beings with interests and motives but they are more complex than, at least the caricature of, homo economicus. 2. What resources are or should be free? In the debate about Napster this takes the form of arguing about whether anyone should pay fixed costs for a good whose marginal cost is zero. This is an old argument to economists. In this sense one way of framing this question may be in part whether or not changes in information technology makes more of commerce like physics or more like the bourse. 4 An apocryphal story is that one of the motivations for developing Google was to help computer scientists convince academic administrators that those who had not published in journals or books had had an extraordinary impact on the profession. The first description of the Google algorithm that I could find was a submission to a 1998 conference Page and Brin (1998) 5 12/09/03
6 3. My fellow panelist and colleague, Avinash Dixit, pointed out to me that decreasing the cost of information processing will not eliminate the information asymmetries that Joe has studied with such skill and originality. Those concerned with privacy rights note with some foreboding that decreases in costs of finding information may drastically change who is likely to know more about whom. References Benkler, Y. "Coase's Penguin, or, Linux and the Nature of the Firm." Yale Law Journal, 2002, 112(3), pp Brin, Sergey and Page, Lawrence. "The Anatomy of a Large-Scale Hypertextual Web Search Engine," Golubitsky, M.; Keeler, E. B. and Rothschild, M. "Convergence of Age Structure - Applications of Projective Metric." Theoretical Population Biology, 1975, 7(1), pp Hayek, Friedrich A. von. Prices and Production. New York,: Macmillan, Hilbert, David. "Mathematical Problems Lecture Delivered before the International Congress of Mathematicians at Paris in 1900." Bulletin of the American Mathematical Society, 1902, 8, pp Lerner, J. and Tirole, J. "Some Simple Economics of Open Source." Journal of Industrial Economics, 2002, 50(2), pp Page, Lawrence and Brin, Sergey. "Pagerank, an Eigenvector Based Ranking Approach for Hypertext.," 21st Annual ACM/SIGIR International Conference on Research and Development in Information Retrieval. Melbourne, Palacios-Huertay, Ignacio and Volijz, Oscar. "The Measurement of Intellectual Influence," Phlips, Louis. The Economics of Imperfect Information. Cambridge Cambridgeshire ; New York: Cambridge University Press, Solow, Robert M. Growth Theory: An Exposition. Oxford,: Clarendon, /09/03
THE ANALYTIC HIERARCHY PROCESS (AHP)
THE ANALYTIC HIERARCHY PROCESS (AHP) INTRODUCTION The Analytic Hierarchy Process (AHP) is due to Saaty (1980) and is often referred to, eponymously, as the Saaty method. It is popular and widely used,
More informationAn Innocent Investigation
An Innocent Investigation D. Joyce, Clark University January 2006 The beginning. Have you ever wondered why every number is either even or odd? I don t mean to ask if you ever wondered whether every number
More informationComputation Beyond Turing Machines
Computation Beyond Turing Machines Peter Wegner, Brown University Dina Goldin, U. of Connecticut 1. Turing s legacy Alan Turing was a brilliant mathematician who showed that computers could not completely
More informationDefinition of Web Spam "Web spamming refers to actions intended to mislead search engines and give some pages higher ranking than they deserve." "Web spam taxonomy" by Zoltan Gyöngyi, PhD (Research Scientist
More informationReputation Management in P2P Networks: The EigenTrust Algorithm
Reputation Management in P2P Networks: The EigenTrust Algorithm by Adrian Alexa supervised by Anja Theobald 1 Introduction Peer-to-Peer networks is a fast developing branch of Computer Science and many
More informationSEO BASICS. March 20, 2015
SEO BASICS March 20, 2015 1. Historical SEO 2. SEO 101 3. Live Site Reviews 4. Current Landscape 5. The Future of SEO 6. Resources 7. Q&A AGENDA 2 SEO Basics Augusta Arts HISTORICAL SEO Search Engine Optimization
More informationLecture 8 The Subjective Theory of Betting on Theories
Lecture 8 The Subjective Theory of Betting on Theories Patrick Maher Philosophy 517 Spring 2007 Introduction The subjective theory of probability holds that the laws of probability are laws that rational
More informationPDF hosted at the Radboud Repository of the Radboud University Nijmegen
PDF hosted at the Radboud Repository of the Radboud University Nijmegen The following full text is a publisher's version. For additional information about this publication click this link. http://hdl.handle.net/2066/29354
More informationSoftware Engineering 4C03
Software Engineering 4C03 Research Paper: Google TM Servers Researcher: Nathan D. Jory Last Revised: March 29, 2004 Instructor: Kartik Krishnan Introduction The Google TM search engine is a powerful and
More informationIncentive Structure on Open Source Software Community: Case Study of GitHub
Incentive Structure on Open Source Software Community: Case Study of GitHub Ryo Suzuki Version: July 10, 2014 Abstract This paper provides a simple model that shows how open source software development
More informationSearch engine ranking
Proceedings of the 7 th International Conference on Applied Informatics Eger, Hungary, January 28 31, 2007. Vol. 2. pp. 417 422. Search engine ranking Mária Princz Faculty of Technical Engineering, University
More informationNash and game theory
Nash and game theory Antonio Cabrales 1 I am asked to give my view on the contribution of John Nash to the development of game theory. Since I have received most of my early influence through textbooks,
More information6.254 : Game Theory with Engineering Applications Lecture 1: Introduction
6.254 : Game Theory with Engineering Applications Lecture 1: Introduction Asu Ozdaglar MIT February 2, 2010 1 Introduction Optimization Theory: Optimize a single objective over a decision variable x R
More informationChapter 4 Technological Progress and Economic Growth
Chapter 4 Technological Progress and Economic Growth 4.1 Introduction Technical progress is defined as new, and better ways of doing things, and new techniques for using scarce resources more productively.
More informationMODELING CUSTOMER RELATIONSHIPS AS MARKOV CHAINS. Journal of Interactive Marketing, 14(2), Spring 2000, 43-55
MODELING CUSTOMER RELATIONSHIPS AS MARKOV CHAINS Phillip E. Pfeifer and Robert L. Carraway Darden School of Business 100 Darden Boulevard Charlottesville, VA 22903 Journal of Interactive Marketing, 14(2),
More informationSemantic Search in Portals using Ontologies
Semantic Search in Portals using Ontologies Wallace Anacleto Pinheiro Ana Maria de C. Moura Military Institute of Engineering - IME/RJ Department of Computer Engineering - Rio de Janeiro - Brazil [awallace,anamoura]@de9.ime.eb.br
More informationWHAT ARE MATHEMATICAL PROOFS AND WHY THEY ARE IMPORTANT?
WHAT ARE MATHEMATICAL PROOFS AND WHY THEY ARE IMPORTANT? introduction Many students seem to have trouble with the notion of a mathematical proof. People that come to a course like Math 216, who certainly
More informationReport: An Analysis of US Government Proposed Cyber Incentives. Author: Joe Stuntz, MBA EP 14, McDonough School of Business
S 2 ERC Project: Cyber Threat Intelligence Exchange Ecosystem: Economic Analysis Report: An Analysis of US Government Proposed Cyber Incentives Author: Joe Stuntz, MBA EP 14, McDonough School of Business
More informationLinearly Independent Sets and Linearly Dependent Sets
These notes closely follow the presentation of the material given in David C. Lay s textbook Linear Algebra and its Applications (3rd edition). These notes are intended primarily for in-class presentation
More informationHow Much Equity Does the Government Hold?
How Much Equity Does the Government Hold? Alan J. Auerbach University of California, Berkeley and NBER January 2004 This paper was presented at the 2004 Meetings of the American Economic Association. I
More informationThe Case Against Intellectual Property
The Case Against Intellectual Property By MiCHELE BOLDRIN AND DAVID LEVINE* According to a common argument, the presence of strong intellectual property rights spurs innovation leading to higher economic
More informationLS.6 Solution Matrices
LS.6 Solution Matrices In the literature, solutions to linear systems often are expressed using square matrices rather than vectors. You need to get used to the terminology. As before, we state the definitions
More informationDoug Ravenel. October 15, 2008
Doug Ravenel University of Rochester October 15, 2008 s about Euclid s Some s about primes that every mathematician should know (Euclid, 300 BC) There are infinitely numbers. is very elementary, and we
More informationRafal Borkowski, Hipoteczna 18/22 m. 8, 91-337 Lodz, POLAND, E-mail: r-borkowski@go2.pl
Rafal Borkowski, Hipoteczna 18/22 m. 8, 91-337 Lodz, POLAND, E-mail: r-borkowski@go2.pl Krzysztof M. Ostaszewski, Actuarial Program Director, Illinois State University, Normal, IL 61790-4520, U.S.A., e-mail:
More informationFactoring Algorithms
Factoring Algorithms The p 1 Method and Quadratic Sieve November 17, 2008 () Factoring Algorithms November 17, 2008 1 / 12 Fermat s factoring method Fermat made the observation that if n has two factors
More informationDepartment of Cognitive Sciences University of California, Irvine 1
Mark Steyvers Department of Cognitive Sciences University of California, Irvine 1 Network structure of word associations Decentralized search in information networks Analogy between Google and word retrieval
More informationThere is a physics joke about the stages of learning quantum mechanics:
Preface The only way to learn physics is to do physics. However, almost all physics textbooks leave a huge gap between the level of the problems that they solve as examples, and the level of the problems
More informationThe science of encryption: prime numbers and mod n arithmetic
The science of encryption: prime numbers and mod n arithmetic Go check your e-mail. You ll notice that the webpage address starts with https://. The s at the end stands for secure meaning that a process
More informationTEXAS A&M UNIVERSITY. Prime Factorization. A History and Discussion. Jason R. Prince. April 4, 2011
TEXAS A&M UNIVERSITY Prime Factorization A History and Discussion Jason R. Prince April 4, 2011 Introduction In this paper we will discuss prime factorization, in particular we will look at some of the
More informationTowards a Next- Generation Inter-domain Routing Protocol. L. Subramanian, M. Caesar, C.T. Ee, M. Handley, Z. Mao, S. Shenker, and I.
Towards a Next- Generation Inter-domain Routing Protocol L. Subramanian, M. Caesar, C.T. Ee, M. Handley, Z. Mao, S. Shenker, and I. Stoica Routing 1999 Internet Map Coloured by ISP Source: Bill Cheswick,
More informationPsy 105: Introduction to Psychology David Allbritton dallbrit@depaul.edu
Psy 105: Introduction to Psychology David Allbritton dallbrit@depaul.edu Course Syllabus, Spring 2010 PSY 105, Section 308, Course #36180 Course location: Online. The course Blackboard site is linked from
More informationThis overview of requirements/helpful hints for your final B.A. papers in Public Policy includes the following sections:
PUBLIC POLICY 29800 FALL 2007 PUBLIC POLICY B.A. PAPER CHECKLIST This overview of requirements/helpful hints for your final B.A. papers in Public Policy includes the following sections: 1. Paper Sections
More informationIs There an Insider Advantage in Getting Tenure?
Is There an Insider Advantage in Getting Tenure? Paul Oyer Graduate School of Business Stanford University 518 Memorial Way Stanford, CA 94305-5015 Phone: 650-736-1047 Fax: 650-725-0468 pauloyer@stanford.edu
More informationEthical Guidelines to Publication of Chemical Research
Ethical Guidelines to Publication of Chemical Research The guidelines embodied in this document were revised by the Editors of the Publications Division of the American Chemical Society in July 2015. Preface
More informationOrganizational Design Dr. Marco Weiß weiss@finance.uni-frankfurt.de Winter 2007/08
Organizational Design Dr. Marco Weiß weiss@finance.uni-frankfurt.de Winter 2007/08 Content and structure of the course This course provides an overview of the theory and practice of organizational design.
More informationAdvice for Applicants to the NSF Graduate Research Fellowship By Keith Jacks Gamble 9/23/04, updated 1/23/06
Advice for Applicants to the NSF Graduate Research Fellowship By Keith Jacks Gamble 9/23/04, updated 1/23/06 *Note: The bulk of this article was written in 2004, so some details may have changed. If you
More informationFormulas STEM 11. Two mathematical formulas that students at this level of mathematics are familiar with are:
Formulas STEM 11 One definition of the word formula is a conventionalized statement expressing some fundamental principle. Adding the word mathematical to formula we can define a mathematical formula as
More informationEnhancing the Ranking of a Web Page in the Ocean of Data
Database Systems Journal vol. IV, no. 3/2013 3 Enhancing the Ranking of a Web Page in the Ocean of Data Hitesh KUMAR SHARMA University of Petroleum and Energy Studies, India hkshitesh@gmail.com In today
More informationChapter 11 Number Theory
Chapter 11 Number Theory Number theory is one of the oldest branches of mathematics. For many years people who studied number theory delighted in its pure nature because there were few practical applications
More informationCommentary on The Status and Quality of Teaching and Learning of Science in Australian Schools 1
Commentary on The Status and Quality of Teaching and Learning of Science in Australian Schools 1 Jan Thomas Executive Officer Australian Mathematical Society This is a very thorough report and, in the
More informationTheorem (informal statement): There are no extendible methods in David Chalmers s sense unless P = NP.
Theorem (informal statement): There are no extendible methods in David Chalmers s sense unless P = NP. Explication: In his paper, The Singularity: A philosophical analysis, David Chalmers defines an extendible
More informationTables in the Cloud. By Larry Ng
Tables in the Cloud By Larry Ng The Idea There has been much discussion about Big Data and the associated intricacies of how it can be mined, organized, stored, analyzed and visualized with the latest
More informationNetwork Theory: 80/20 Rule and Small Worlds Theory
Scott J. Simon / p. 1 Network Theory: 80/20 Rule and Small Worlds Theory Introduction Starting with isolated research in the early twentieth century, and following with significant gaps in research progress,
More informationBA in Management Program Summer Semester, 2015 MKTG 410 Social Media and Search Marketing Analytics
BA in Management Program Summer Semester, 2015 MKTG 410 Social Media and Search Marketing Analytics Instructor: Prabirendra Chatterjee Office: SOM 1069 Phone: (216) 483-9649 Fax: (216) 483-9699 E-mail:
More informationSimilar matrices and Jordan form
Similar matrices and Jordan form We ve nearly covered the entire heart of linear algebra once we ve finished singular value decompositions we ll have seen all the most central topics. A T A is positive
More informationCORSO DI POLITICA ECONOMICA PER L INNOVAZIONE FACOLTÀ DI ECONOMIA R.GOODWIN UNIVERSITÀ DI SIENA
FACOLTÀ DI ECONOMIA R.GOODWIN UNIVERSITÀ DI SIENA PROF.SSA MARIA ALESSANDRA ROSSI ALESSANDRA.ROSSI@UNISI.IT Open innovation and user innovation AGENDA Demand is key to innovation not only because it drives
More informationCompass Interdisciplinary Virtual Conference 19-30 Oct 2009
Compass Interdisciplinary Virtual Conference 19-30 Oct 2009 10 Things New Scholars should do to get published Duane Wegener Professor of Social Psychology, Purdue University Hello, I hope you re having
More informationINTERNATIONAL ECONOMICS, FINANCE AND TRADE Vol.I - Economics of Scale and Imperfect Competition - Bharati Basu
ECONOMIES OF SCALE AND IMPERFECT COMPETITION Bharati Department of Economics, Central Michigan University, Mt. Pleasant, Michigan, USA Keywords: Economies of scale, economic geography, external economies,
More informationCS 3719 (Theory of Computation and Algorithms) Lecture 4
CS 3719 (Theory of Computation and Algorithms) Lecture 4 Antonina Kolokolova January 18, 2012 1 Undecidable languages 1.1 Church-Turing thesis Let s recap how it all started. In 1990, Hilbert stated a
More informationMillion Dollar Mathematics!
Million Dollar Mathematics! Alissa S. Crans Loyola Marymount University Southern California Undergraduate Math Day University of California, San Diego April 30, 2011 This image is from the Wikipedia article
More informationPrice Dispersion. Ed Hopkins Economics University of Edinburgh Edinburgh EH8 9JY, UK. November, 2006. Abstract
Price Dispersion Ed Hopkins Economics University of Edinburgh Edinburgh EH8 9JY, UK November, 2006 Abstract A brief survey of the economics of price dispersion, written for the New Palgrave Dictionary
More informationREMARKS TO FUDAN JOURNALISM SCHOOL Ernest J. Wilson III Dean, Annenberg School for Communication & Journalism
1 REMARKS TO FUDAN JOURNALISM SCHOOL Ernest J. Wilson III Dean, Annenberg School for Communication & Journalism Journalism and communications schools around the world are at an important crossroads in
More informationWhy MIT Decided to Give Away All Its Course Materials via the Internet
From the issue dated January 30, 2004 http://chronicle.com/weekly/v50/i21/21b02001.htm Why MIT Decided to Give Away All Its Course Materials via the Internet By CHARLES M. VEST The great landmarks of higher
More informationRow Echelon Form and Reduced Row Echelon Form
These notes closely follow the presentation of the material given in David C Lay s textbook Linear Algebra and its Applications (3rd edition) These notes are intended primarily for in-class presentation
More informationPanel on Emerging Cyber Security Technologies. Robert F. Brammer, Ph.D., VP and CTO. Northrop Grumman Information Systems.
Panel on Emerging Cyber Security Technologies Robert F. Brammer, Ph.D., VP and CTO Northrop Grumman Information Systems Panel Moderator 27 May 2010 Panel on Emerging Cyber Security Technologies Robert
More informationArnold Zellner. Booth School of Business. University of Chicago. 5807 South Woodlawn Avenue Chicago, IL 60637. arnold.zellner@chicagobooth.
H.G.B. Alexander Research Foundation Graduate School of Business University of Chicago Comments on Harold Jeffreys Theory of Probability Revisited, co-authored by C.P. Robert, N. Chopin and J. Rousseau.
More informationArtificial Intelligence and Asymmetric Information Theory. Tshilidzi Marwala and Evan Hurwitz. tmarwala@gmail.com, hurwitze@gmail.
Artificial Intelligence and Asymmetric Information Theory Tshilidzi Marwala and Evan Hurwitz tmarwala@gmail.com, hurwitze@gmail.com University of Johannesburg Abstract When human agents come together to
More informationSocial Security Eligibility and the Labor Supply of Elderly Immigrants. George J. Borjas Harvard University and National Bureau of Economic Research
Social Security Eligibility and the Labor Supply of Elderly Immigrants George J. Borjas Harvard University and National Bureau of Economic Research Updated for the 9th Annual Joint Conference of the Retirement
More informationMarket power and regulation
THE PRIZE IN ECONOMIC SCIENCES 2014 POPULAR SCIENCE BACKGROUND Market power and regulation Jean Tirole is one of the most influential economists of our time. He has made important theoretical research
More informationDIMENSIONS OF SUSTAINABLE DEVELOPMENT Vol. I - Human Capital for Sustainable Economic Develpment - G. Edward Schuh
HUMAN CAPITAL FOR SUSTAINABLE ECONOMIC DEVELOPMENT G. Humphrey Institute of Public Affairs, Minneapolis, USA Keywords: Economic development, sustained development, induced development, increasing returns,
More information7 QUESTIONS TO ASK YOUR PPC AGENCY. We Turn Browsers Into Buyers
7 QUESTIONS TO ASK YOUR PPC AGENCY We Turn Browsers Into Buyers 7 Questions to Ask Your PPC Agency Choosing a PPC agency is similar to purchasing a home. It s an important choice, one which will affect
More informationComments on \Do We Really Know that Oil Caused the Great Stag ation? A Monetary Alternative", by Robert Barsky and Lutz Kilian
Comments on \Do We Really Know that Oil Caused the Great Stag ation? A Monetary Alternative", by Robert Barsky and Lutz Kilian Olivier Blanchard July 2001 Revisionist history is always fun. But it is not
More informationPascal is here expressing a kind of skepticism about the ability of human reason to deliver an answer to this question.
Pascal s wager So far we have discussed a number of arguments for or against the existence of God. In the reading for today, Pascal asks not Does God exist? but Should we believe in God? What is distinctive
More informationSoftware Engineering, Not Computer Science. A scientist builds in order to learn; an engineer learns in order to build.
98 0 pp00-6 r6jm.ps 6//03 :3 PM Page 9 Schapter four Software Engineering, Not Computer Science A scientist builds in order to learn; an engineer learns in order to build. fred brooks When interviewing
More informationThe Case for a Tax Cut
The Case for a Tax Cut Alan C. Stockman University of Rochester, and NBER Shadow Open Market Committee April 29-30, 2001 1. Tax Increases Have Created the Surplus Any discussion of tax policy should begin
More informationPOLS 7014: Intermediate Political Methodology. Spring 2016
POLS 7014: Intermediate Political Methodology Spring 2016 Instructor Class Schedule Dr. Michael S. Lynch Monday 3:35 6:35 Office: Baldwin Hall 409 Candler Hall 214 Email: mlynch@uga.edu Office Hours: Wednesday
More informationCHOICES The magazine of food, farm, and resource issues
CHOICES The magazine of food, farm, and resource issues 4th Quarter 2005 20(4) A publication of the American Agricultural Economics Association Risk Sharing and Transactions Costs in Producer-Processor
More informationa 11 x 1 + a 12 x 2 + + a 1n x n = b 1 a 21 x 1 + a 22 x 2 + + a 2n x n = b 2.
Chapter 1 LINEAR EQUATIONS 1.1 Introduction to linear equations A linear equation in n unknowns x 1, x,, x n is an equation of the form a 1 x 1 + a x + + a n x n = b, where a 1, a,..., a n, b are given
More informationReduced echelon form: Add the following conditions to conditions 1, 2, and 3 above:
Section 1.2: Row Reduction and Echelon Forms Echelon form (or row echelon form): 1. All nonzero rows are above any rows of all zeros. 2. Each leading entry (i.e. left most nonzero entry) of a row is in
More informationTeaching and Encouraging Meaningful Reading of Mathematics Texts
Teaching and Encouraging Meaningful Reading of Mathematics Texts Jane Friedman, Perla Myers and Jeff Wright Department of Mathematics and Computer Science University of San Diego 5998 Alcala Park, San
More informationInternational Journal of Engineering Research-Online A Peer Reviewed International Journal Articles are freely available online:http://www.ijoer.
RESEARCH ARTICLE SURVEY ON PAGERANK ALGORITHMS USING WEB-LINK STRUCTURE SOWMYA.M 1, V.S.SREELAXMI 2, MUNESHWARA M.S 3, ANIL G.N 4 Department of CSE, BMS Institute of Technology, Avalahalli, Yelahanka,
More informationHow To Understand The World Of Simple Programs
Statement of Dr. Stephen Wolfram Founder & CEO, Wolfram Research, Inc.... 1 Statement of Dr. Stephen Wolfram Founder & CEO, Wolfram Research, Inc. and author of A New Kind of Science before the Subcommittee
More informationThe situation of psychology publications in Lithuania
Psychology Science Quarterly, Volume 51, 2009 (Supplement 1), pp. 141-146 The situation of psychology publications in Lithuania VILMANTE PAKALNISKIENE 1 Abstract There are only few journals in psychology
More informationHow to start research and how to present it?
How to start research and how to present it? Peter Kondor Budapest, CEU, 2010 Introduction What is research? How to start? How to present it? How to make it a paper? The main purpose of workshop to provide
More informationThe crux of the matter
I hear so much completely inaccurate information regarding SEO (Search Engine Optimisation) I decided to create this SEO Guide for Small Businesses, this cannot cover every aspect of SEO it will, however,
More informationOnline Ad Auctions. By Hal R. Varian. Draft: February 16, 2009
Online Ad Auctions By Hal R. Varian Draft: February 16, 2009 I describe how search engines sell ad space using an auction. I analyze advertiser behavior in this context using elementary price theory and
More informationBITE-SIZED GUIDE. Buying Great Stocks Extra Cheap with Value Investing
BITE-SIZED GUIDE Buying Great Stocks Extra Cheap with Value Investing General Advice Warning: The ideas and information contained in this publication are for general information only. They do not take
More information1 Introductory Comments. 2 Bayesian Probability
Introductory Comments First, I would like to point out that I got this material from two sources: The first was a page from Paul Graham s website at www.paulgraham.com/ffb.html, and the second was a paper
More informationSmith on Natural Wages and Profits (Chapters VIII and IX of The Wealth of Nations 1 ) Allin Cottrell
1 The background Smith on Natural Wages and Profits (Chapters VIII and IX of The Wealth of Nations 1 ) Allin Cottrell When Smith begins work on the specifics of natural wages and profits, he has already
More informationIn this chapter, you will learn improvement curve concepts and their application to cost and price analysis.
7.0 - Chapter Introduction In this chapter, you will learn improvement curve concepts and their application to cost and price analysis. Basic Improvement Curve Concept. You may have learned about improvement
More informationQuality Satisfaction Management. The Do s and Don ts of Link Building
Quality Satisfaction Management The Do s and Don ts of Link Building Popularity in the Web world is much like popularity in the real world it s determined by what you provide and how many people like you.
More informationNotes on Factoring. MA 206 Kurt Bryan
The General Approach Notes on Factoring MA 26 Kurt Bryan Suppose I hand you n, a 2 digit integer and tell you that n is composite, with smallest prime factor around 5 digits. Finding a nontrivial factor
More informationThe Mathematics Behind Google s PageRank
The Mathematics Behind Google s PageRank Ilse Ipsen Department of Mathematics North Carolina State University Raleigh, USA Joint work with Rebecca Wills Man p.1 Two Factors Determine where Google displays
More informationFactoring Polynomials
Factoring Polynomials Hoste, Miller, Murieka September 12, 2011 1 Factoring In the previous section, we discussed how to determine the product of two or more terms. Consider, for instance, the equations
More informationRevised Version of Chapter 23. We learned long ago how to solve linear congruences. ax c (mod m)
Chapter 23 Squares Modulo p Revised Version of Chapter 23 We learned long ago how to solve linear congruences ax c (mod m) (see Chapter 8). It s now time to take the plunge and move on to quadratic equations.
More informationPower Rankings: Math for March Madness
Power Rankings: Math for March Madness James A. Swenson University of Wisconsin Platteville swensonj@uwplatt.edu March 5, 2011 Math Club Madison Area Technical College James A. Swenson (UWP) Power Rankings:
More informationTop Online Activities (Jupiter Communications, 2000) CS276A Text Information Retrieval, Mining, and Exploitation
Top Online Activities (Jupiter Communications, 2000) CS276A Text Information Retrieval, Mining, and Exploitation Lecture 11 12 November, 2002 Email Web Search 88% 96% Special thanks to Andrei Broder, IBM
More informationEVALUATING REPUTATION OF ONLINE-GAME PLAYERS BASED ON INCOMING CHAT MESSAGES
EVALUATING REPUTATION OF ONLINE-GAME PLAYERS BASED ON INCOMING CHAT MESSAGES Ruck Thawonmas, Yao Zhai, and Yuki Konno Intelligent Computer Entertainment Laboratory Department of Human and Computer Intellgence,
More informationHow mathematicians deal with new trends like big data, etc.
How mathematicians deal with new trends like big data, etc. Peter Bühlmann Seminar für Statistik, ETH Zürich New trends: some history Felix Klein (1872): Erlangen program (Vergleichende Betrachtungen über
More informationTestimony on H.R. 1053: The Common Cents Stock Pricing Act of 1997
Testimony on H.R. 1053: The Common Cents Stock Pricing Act of 1997 Lawrence Harris Marshall School of Business University of Southern California Presented to U.S. House of Representatives Committee on
More informationMatrices 2. Solving Square Systems of Linear Equations; Inverse Matrices
Matrices 2. Solving Square Systems of Linear Equations; Inverse Matrices Solving square systems of linear equations; inverse matrices. Linear algebra is essentially about solving systems of linear equations,
More informationScientific Research and Ethics in Japan
Guidelines for Scientific Research Graduate School of Information Science and Technology March 2011 Revised: December 2014 July All students of the Graduate School of Information Science and Technology
More informationHow to Outsource Without Being a Ninnyhammer
How to Outsource Without Being a Ninnyhammer 5 mistakes people make when outsourcing for profit By Jason Fladlien 2 Introduction The way everyone does outsourcing is patently wrong, and this report is
More informationWHY PROGRESSIVE PRICE INDEXING COULD LEAD TO THE UNRAVELING OF SOCIAL SECURITY. by Jason Furman, Robert Greenstein, and Gene Sperling 1
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org April 26, 2005 WHY PROGRESSIVE PRICE INDEXING COULD LEAD TO THE UNRAVELING OF SOCIAL
More informationTetris is Hard: An Introduction to P vs NP
Tetris is Hard: An Introduction to P vs NP Based on Tetris is Hard, Even to Approximate in COCOON 2003 by Erik D. Demaine (MIT) Susan Hohenberger (JHU) David Liben-Nowell (Carleton) What s Your Problem?
More informationInterest rate volatility in historical perspective
Interest rate volatility in historical perspective Harvey Rosenblum and Steven Strongin On October 6, 1979, the Federal Reserve changed its procedures for implementing monetary policy. Prior to that date,
More informationUNLV Department of Curriculum and Instruction Masters in Education Degree with an emphasis in Science Education Culminating Experience
UNLV Department of Curriculum and Instruction Masters in Education Degree with an emphasis in Science Education Culminating Experience The culminating experience for the Masters of Education degree with
More informationby the matrix A results in a vector which is a reflection of the given
Eigenvalues & Eigenvectors Example Suppose Then So, geometrically, multiplying a vector in by the matrix A results in a vector which is a reflection of the given vector about the y-axis We observe that
More informationMaster of Arts in Teaching/Science Education Master of Arts in Teaching/Mathematics Education
Master of Arts in Teaching/Science Education Master of Arts in Teaching/Mathematics Education Assessment F12-S13 FOR ACADEMIC YEAR: 2012-2013 PROGRAM: MAT/Science and Mathematics Education SCHOOL: NS&M
More informationThe Power of Email Marketing - 10 Ways It Can Help Your Business
The Power of Email Marketing - 10 Ways It Can Help Your Business Presented by: Janniece Leonard Company: eclick2business, Inc. www.eclick2business.com Content prepared and copyrighted by eclick2business,
More information