repugnant markets.See also my Game cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ory, experimental economics, and market design page. I have a general-interest book on market design: Who Gets What--and Why The subtitle is "The new economics of matchmaking and market design."' property='og:description'/>
Showing posts with label Schelling. Show all posts
Showing posts with label Schelling. Show all posts

Saturday, March 7, 2009

Microstructure of Macro Behavior

In connection with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 launch of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 paperback version of his book The Logic of Life, Tim Harford has a nice video illustrating one of Tom Schelling's demonstrations of how market outcomes may not reflect cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 preferences of any individual market participant: The Logic of Life: Racial Segregation and Thomas Schelling.

Schelling's demo had to do with a residential real estate market in which everyone preferred to live in a racially integrated neighborhood in which people of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir own race were in a slight majority, and how cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 resulting dynamics could lead to segregation that nobody wanted. Harford's video dramatizes this with brown and white eggs.

(The title of this blog post comes from Micromotives and Macrobehavior, Schelling's wonderful book on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 subject, originally published in 1978.)