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Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

065: Best of 2015 Part 1: A Look Back at the Economic Rockstar Podcast

December 31, 2015 by Frank

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2015 Part 1

I’m Frank Conway and I am the host of the Economic Rockstar podcast. I do my best to bring on the brightest and most meaningful guests onto the show. Thank you so much listening and thank you for subscribing to the show on iTunes.

For those of you who have subscribed to the Economic Rockstar community at economicrockstar.com, I thank you for your feedback, interaction and shared insights and views. Let’s build this community bigger, both in size and knowledge.

I’m so grateful to have been in a position to bring to you a wide variety personalities to the show. While reflecting on the year 2015 for the podcast, I was amazed by the diversity and caliber of my guests and the incredible conversations we’ve had.

Their research, books, opinions, outlook, personal stories and teaching pedagogies is, to say the least, quite inspiring and has personally opened my eyes to the boundless capabilities in economics and finance. I truly hope that you found it to be likewise.

Both the end of year ‘Best of 2015’ episodes gives us a snapshot of some topics that were discussed – like a time capsule for the Economic Rockstar podcast of 2015. If you’ve been with me all year, then this episode will act as a refresher and take you back to some of the debates that abound the fields of economics.

If you’re new to the show or relatively new, then perhaps these episodes will offer you a window to glimpse into the show and type of guests and topics that we cover. Hopefully, they will encourage you to explore and listen to previous episodes of the podcast. For a full listing, you can visit economicrockstar.com/podcasts.

Although I did my utmost to choose a best of compilation that captured the essence of this podcast, it was extremely difficult to leave out some of my amazing guests.

I loved all my guests and every single one of them gave up their time to speak to me about their career, their research and personal lives. They exposed themselves to you, my amazing listeners, and answered questions that they had not seen before.

It was almost impossible to choose who to leave in and that’s why I reached to my Community on my email list for their favorites. Thanks for a great response. If I left out one of your favorites, then I apologize as I know how you feel. I’ve provided all the links to the show notes at the economic rockstar website at economicrockstar.com/65.

This is my mix-tape, my compilation of Economic Rockstars, so press play and do what you love doing while you listen – crosswords, chess, darts, exercise, walking the dog or cleaning the house.

What’s compelling about the guests on my show is how much of the work that they do is for the betterment of society as a whole.

The teaching innovations adopted and applied by John Cochrane, Kim Holder, Shawn Humphrey, Marina Adshade, Abdullah Al-Bahrani, Matt Rousu, Alice Lousie Kassens and Craig Medico have created an active rather than a passive economics classroom, helping their students to better understand concepts and how to apply them in a meaningful way.

Others guests, such as Jason Shogren, Alvin Roth, Dan Ariely, Helena Norberg-Hodge, David Simon, David Zetland, Stephen Young, Shanta Deverajan, Shawn Humphrey and Christine Exley have used their knowledge as a platform to help those in need – be it humans, animals or our environment.

The Economic Rockstar podcast also invites guests with a career in finance and it was such a pleasure to have spoken to Jack Schwager and Campbell Harvey.

Guests who feature in the Best of 2015 Part 1:

050 Dan Ariely -Professor of Psychology & Behavioral Economics at Duke University in North Carolina. 

057 Alvin Roth – Craig and Susan McCaw Professor of Economics at Stanford University.

043 Herbert Gintis – Emeritus Professor of Economics at University of Massachusetts.

036 Jason Shogren – the Stroock Professor of Natural Resource Conservation and Management and Chair of the Department of Economics and Finance at the University of Wyoming.

034 David Simon – lawyer and advocate for sustainable consumption. 

023 Loretta Napoleoni – expert on terrorist financing and the Islamic State.

048 Steve Hanke – Professor of Applied Economics, specializing in currency boards. He is Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore.

051 Eyal Winter – the Silverzweig Professor of Economics at the Hebrew University and Economics Professor at Leicester University.

054 Christine Exley – Professor of Business Administration at Harvard Business School. Christine is also Co-founder and Chief of Research at Wagaroo an organization dedicated to re-house homeless dogs to responsible and loving families.

046 Shanta Devarajan – Chief Economist of the World Bank’s Middle-East and North Africa Region.

059 Shawn Humphrey – Associate Professor of Economics at the University of Mary Washington. Shawn is the founder of La Ceiba Microfinance,the Two Dollar Challenge, the Month of Microfinance, and the Poverty Action Conference. 

016 Jack Schwager – industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. Jack is one of the founders of Fund Seeder.

037 Noah Smith – Assistant Professor of Finance at Stony Brook University, New York where he is also a member of the Center for Behavioral Finance research team.

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057: Alvin Roth on Match-Making, Repugnant Markets and Market Design

November 5, 2015 by Frank

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057: Alvin Roth on Match-Making, Repugnant Markets and Market Design

Alvin Roth is the Craig and Susan McCaw Professor of Economics at Stanford University.Alvin Roth

Professor Roth has made significant contributions to the fields of game theory, experimental economics and market design and is known for his emphasis on applying economic theory to solutions for “real-world” problems.

In 2012, Alvin won the Nobel Memorial Prize in Economic Sciences jointly with Lloyd Shapley “for the theory of stable allocations and the practice of market design.”

Alvin Roth has a B.S form Columbia University,  and earned his MS and Ph.D. from Stanford University.

Alvin’s latest book Who Gets What and Why: The New Economics of Matchmaking and Market Design is now available on Amazon.

Economics:

In this interview, Alvin mentions: money, barter, matching markets, supply, demand, price discovery, labor markets, marriage markets, market design, double coincidence of wants, property rights and game theory.

Economists:

In this interview, Alvin mentions: Gary Becker, Christien Exley, Lloyd Shapley, David Gayle, Herb Scarf, Hal R. Varian,  Preston McAfee, Fuhito Kojima, Muriel Niederle, Paul Milgrom, John Levin, Ilya Segal and Oskar Morgenstern.

In this episode you will learn:

  • what economics is and if we need money to allow a market to operate efficiently.
  • about the price discovery process in economics.
  • what is match-making markets and how similar the labor market is to the dating market.
  • what is market design and why it is important.
  • how entrepreneurs and start-ups, like Airbnb and Uber, use market failure to solve a problem.
  • what is a repugnant market.
  • the difference between a thick and a thin market.
  • what makes a market thick.
  • about the black market for kidneys.
  • how kidney exchange works.
  • about the double coincidence of wants in the kidney exchange market.
  • about the problem in the market for water in California.
  • some of the unintended consequences from the war on drugs.

Books:

  • Who Gets What and Why: The New Economics of Matchmaking and Market Design by Alvin Roth
  • Thinking, Fast and Slow by Daniel Kahneman
  • Theory of Games in Economic Behaviour by John von Neumann and Oskar Morgenstern

Papers:

  • Gayle, D. and L. Shapley (1962). College Admissions and the Stability of Marriage, The American Mathematical Monthly, Vol. 69, No. 1, pp: 9 – 15.  
  • Scarf, H. and L. Shapley. (1974). On Cores and Indivisibility. Journal of Mathematical Economics 1: 23-37.

Websites Mentioned in this Episode:

  • Market Design: Alvin Roth’s blog
  • Angel Flight: People Helping People in Need
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Frank Conway

Frank Conway is founder of Economic Rockstar and lecturer of economics, finance and statistics. Read More…

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