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YaleGlobal editor Nayan Chanda interviews Thomas L. Friedman of the New York Times and author of The World is Flat. Mr. Friedman talks about how global climate change intensified by globalization will create new types of jobs.
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In this lecture, Professor Kagan tells the story of the rise of Philip and describes his early actions: unifying Macedon, defeating barbarian armies, and creating a new, professional, national army. According to Professor Kagan, through these actions, Philip was able to make inroads into the Greek world. What made these inroads more effective was Philip’s uncanny talent for diplomacy and the fighting between the various poleis. Eventually, the Greeks under the efforts of Athens and Demosthenes decided to face Philip in the battle of Chaeronea. The battle, though close, was won by Philip and his Macedonian forces. Finally, Professor Kagan evaluates the actions of Demosthenes and concludes that his actions should be judged as a noble endeavor of one who loved freedom.
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We discuss auctions. We first distinguish two extremes: common values and private values. We hold a common value auction in class and discover the winner’s curse, the winner tends to overpay. We discuss why this occurs and how to avoid it: you should bid as if you knew that your bid would win; that is, as if you knew your initial estimate of the common value was the highest. This leads you to bid much below your initial estimate. Then we discuss four forms of auction: first-price sealed-bid, second-price sealed-bid, open ascending, and open descending auctions. We discuss bidding strategies in each auction form for the case when values are private. Finally, we start to discuss which auction forms generate higher revenues for the seller, but a proper analysis of this will have to await the next course.
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In this lecture, Professor Kagan describes the growth of a new power: Thebes. Under the leadership of Epaminondas and Pelopidas, Thebes grows into a major power among the Greek cities. In fact, the Thebans even rout the Spartans in a standard hoplite battle in the battle of Leuctra. Finally, Professor Kagan points out that by the time of Theban hegemony, the Greek world had experienced so many wars and conflicts that it opened the door to a powerful leader: Philip of Macedon.
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We look at two settings with asymmetric information; one side of a game knows something that the other side does not. We should always interpret attempts to communicate or signal such information taking into account the incentives of the person doing the signaling. In the first setting, information is verifiable. Here, the failure explicitly to reveal information can be informative, and hence verifiable information tends to come out even when you don’t want it to. We consider examples of such information unraveling. Then we move to unverifiable information. Here, it is hard to convey such information even if you want to. Nevertheless, differentially costly signals can sometimes provide incentives for agents with different information to distinguish themselves. In particular, we consider how the education system can allow future workers to signal their abilities. We discuss some implications of this rather pessimistic view of education.