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Provost Harrison
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The farce is strong with this one.
Feb 2000 time: 05:22
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EDIT: misread, I thought they were given the award for work into discovering apoptosis which was done years ago. Damn things.
Yes, well it is important to figure out why cells divide into the patterns they do and how the develop into a fully functional organism with distinct compartmentalisation of tissue of distinct histology. Basically, their work was another step on the way to figuring out how a cell and it's genome divide into the very distinct patterns they do to become an adult human, almost without fail...
Last edited by Provost Harrison on 10-10-2002 at 03:41
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Adam Smith
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Maryland, USA
Jan 1970 time: 00:22
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Kahneman's work involves trying to integrate psychology and economics. It might help explain how expectations are formed, and in turn explain supposedly irrational behavior, such as investment bubbles. Matthew Rabin (UCal Berkeley) won last year's John Bates Clark Award (best American economist under 40) for similar work.
Vernon Smith's award is well deserved and long overdue. Economists constantly complain that they have to develop theories without being able to do experiments on the economy. Vernon Smith was the first guy to do experiments, usually with respect to individual agents or markets (microeconomics). Some of his earliest work was intended to probe the underlying assumptions of microeconomic theory. In two famous early experiments he found that agents we might expect to be "irrational", namely pigeons and drunks, behave "rationally" by demanding less of something when the price goes up.
His later work involved simulation of market mechanisms. This is particularly useful in deciding whether and how to deregulate industries, since you don't have any data on how the industry will act after the fact. In essence, he would give a bunch of grad students a list of the proposed regulations, tell them they get say one percent of any supposed profits they generate, and then play out a simulation game. Would they collude or not? Would the collusion fall apart or not? Could the regulations be redesigned to prevent problems? Vernon Smith's experiments were used as the basis for auctioning off the spectrum in the US, and could well have been applied to California electricity deregulation if the State Legislature had bothered.
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Andrew1999
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quote: There was nothing peaceful in the committee's remarks as they related to George Bush. In a thinly veiled rebuke to Mr Bush, the committee said: "In a situation currently marked by threats of the use of power, Carter has stood by the principles that conflicts must as far as possible be resolved through mediation and international cooperation based on international law, respect for human rights, and economic development."
Just to make sure that the world got the message, Gunnar Berge, the chairman of the Nobel committee, spelt things out: "It should be interpreted as a criticism of the line that the current administration has taken. It's a kick in the leg to all that follow the same line as the United States."
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Let the bashing begin...
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DanS
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Kickball Capital of the World
Jan 1970 time: 00:22
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"I suppose this means that the world can expect Mr. Berge's full support for effective UN action?"
You see? Misinterpreted.
Edit: Thinking about this some more, it seems unfair to Carter for his long list of accomplishments to be used to bash Bush.
Last edited by DanS on 12-10-2002 at 00:55
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