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2018-11-03 Saturday 07:00 UTC

This blog post is a continuously updated collection of insights into economics.



O-ring theory

It shows that high-skill workers–those who make few mistakes–will be matched together in equilibrium, and that wages and output will rise steeply in skill. The model is consistent with large income differences between countries, the predominance of small firms in poor countries, and the positive correlation between the wages of workers in different occupations within enterprises. Imperfect observability of skill leads to imperfect matching and thus to spillovers, strategic complementarity, and multiple equilibria in education. 1, 2


$1 Million Bet

Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S&P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses.

Buffet won with the S&P 500 over Protege Partners, LLC and explained his win because of excessive fees 1, 2

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