Tag: Simon Elgersma

The winners of the Nobel Prize in Economics 2021

On the 11th of October the Nobel Prize in Economics was awarded to David Card, Joshua Angrist and Guido Imbens “for their methodological contributions to the analysis of causal relationships”. Loosely speaking, these researchers are looking at ways to address several relevant problems in society, such as the effect of education on wages or the effect of immigration on employment levels. However, problems arise as there usually are no comparison groups, i.e. we do not know what would happen if the event would not have taken place.  However, these Nobel Laureates have shown that there […]

18 november • Door Simon Elgersma Tijd om te lezen Estimated reading time: 4 minuten

How Game Theory can help in environmental treaties

The bank robbery that you planned with your best friend, Llyod Shapley, did not go as successfully as you both expected. Multiple things were working against you after you hid the stolen money and as a result you both ended up in the police station. Both taken to a separate interrogation room, the police officers are not sure who was the mastermind behind this robbery. As these officers were profound economics students in their younger years, they decided to give both of you two choices. Either you keep silent or you betray your best friend. […]

07 september • Door Simon Elgersma Tijd om te lezen Estimated reading time: 6 minuten

The influence of the Austrian School in Economics

If you are a student in Econometrics or Economics, the concept of marginal utility should ring a bell. From your first-year course in microeconomics to the more advanced courses later in your bachelor, the concept plays an important role in understanding microeconomics. The theory is founded on the premise that choices made by consumers are based on the preferences of the consumers. A rational consumer attaches more value to important things and gives up irrelevant items. The subjective theory of value was introduced by Carl Menger (1840–1921), one of the founders of the Austrian School […]

04 mei • Door Simon Elgersma Tijd om te lezen Estimated reading time: 9 minuten

How carbon plates are changing the running scene

On the 6th of may 2017, I woke up early in the morning to watch a special race: the sub-2 hour project announced by Nike. During my breakfast, a very special athlete was cruising at a pace of around 21.1 km/hour on a race track in Monza, Italy. Guided by pacemakers and an electric car that projected the formation the runners had to run in, Kipchoge was going to do something very special. Inspired by this event, I decided to go for a jog myself. When I came back, Eliud Kipchoge finished the marathon in […]

01 april • Door Simon Elgersma Tijd om te lezen Estimated reading time: 5 minuten

Is big brother really watching you?

In his dystopian novel ‘1984’, George Orwell introduces a society which is controlled by the government. All the news is fabricated and everything is monitored by the so-called “Thought Police”. The book discusses the consequences of an authoritarian government and how the manipulation of facts influences politics. For instance, the main job of the protagonist, Winston Smith, is to alter the news shown to society when it did not coincide with the way things really happened. Luckily, in our era things are way less extreme (at least in the Netherlands), but similarities can be drawn […]

26 januari • Door Simon Elgersma Tijd om te lezen Estimated reading time: 5 minuten

Rethink the way you think about randomness!

Imagine you get the opportunity to flip a coin for only 1 dollar : if it turns up heads, you win 50% and if it turns up tails you lose 40% of your initial bet. Of course we’re all familiar with calculating expected payoffs: since this bet has an expected payoff of 0.5*1.5 + 0.5*0.6=1.05, you should take it. Right? Well, it might be a little less obvious.   Suppose you flip the coin another time. Your wealth will, depending on the flips, either be 2.25 (two heads), 0.9 (one heads, one tails),  or 0.36 […]

12 november • Door Simon Elgersma Tijd om te lezen Estimated reading time: 5 minuten

By Daniele Zedda • 18 February

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