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From one piece Chaos and Misallocation under Price Controls (with 2 co-authors) 2 beliefs, in the piece's order there
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Their words
These corner allocations create a distinct source of cross-market misallocation, separate from the aggregate quantity loss (the Harberger triangle) and from within-market misallocation emphasized in prior work.
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Their words
We show that equilibrium generically occurs at neither the Harberger nor Glaeser-Luttmer benchmark. Cost-minimizing suppliers drive allocations to vertices, not interiors. Corners are not an assumption but an outcome about what cost-minimizing suppliers choose. The correct benchmark is corners, not random, and corners generate qualitatively different welfare properties: losses far larger than either efficient or random distributions, and discontinuous jumps from small parameter perturbations.
16 October 2024
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Their words
It uses massive megalithic architecture, which is very difficult to destroy, and a profound knowledge of astronomy to encode a date in a language that any culture which is sufficiently literate in astronomy will be able to decode.
1 September 2023
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Their words
These incredible life forms are communicating using a different language than ours. We use language models, they use molecular models. At the moment where we can parse, we can decode these molecular moments is when we can start having a conversation with plants.
5 March 2010
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