ERNST FEHR (University of Zurich)
MATTHEW J. RABIN (University of California Berkeley)WILLIAM D. NORDHAUS (Yale University)
MARTIN L. WEITZMAN (Harvard University)
JOHN B. TAYLOR (Stanford University)
JORDI GALI (Pompeu Fabra University)
MARK L. GERTLER (New York University)
Suppose you have an urn containing 30 red balls and 60 other balls that are either black or yellow. You don't know how many black or yellow balls there are, but that the total number of black balls plus the total number of yellow equals 60. The balls are well mixed so that each individual ball is as likely to be drawn as any other. You are now given a choice between two gambles:
Gamble A Gamble B You receive $100 if you draw a red ball You receive $100 if you draw a black ball Also you are given the choice between these two gambles (about a different draw from the same urn):
Gamble C Gamble D You receive $100 if you draw a red or yellow ball You receive $100 if you draw a black or yellow ball Since the prizes are exactly the same, it follows that you will prefer Gamble A to Gamble B if, and only if, you believe that drawing a red ball is more likely than drawing a black ball (according to expected utility theory). Also, there would be no clear preference between the choices if you thought that a red ball was as likely as a black ball. Similarly it follows that you will prefer Gamble C to Gamble D if, and only if, you believe that drawing a red or yellow ball is more likely than drawing a black or yellow ball. If drawing a red ball is more likely than drawing a black ball, then drawing a red or yellow ball is also more likely than drawing a black or yellow ball. So, supposing you prefer Gamble A to Gamble B, it follows that you will also prefer Gamble C to Gamble D. And, supposing instead that you prefer Gamble D to Gamble C, it follows that you will also prefer Gamble B to Gamble A.
When surveyed, however, most people strictly prefer Gamble A to Gamble B and Gamble D to Gamble C. Therefore, some assumptions of the expected utility theory are violated.
Bramwell was friends with all the group, present when Paul met John; he was Brian Epstein’s right-hand man, fixing gigs for Jimi Hendrix and mixing drinks with the Rolling Stones; and was still there when Phil Spector produced Let It Be. In his recent book Magical Mystery Tours (a wonderful insider memoir) Bramwell argues that it was penal tax rates that helped to destroy the group’s cohesion.First told to give away vast amounts to avoid tax bills — which they did in a series of madcap ventures, offering money to any old person who dropped by with a demo tape — then told they had to make £120,000 in order to keep just £10,000. Soon their finances were in chaos and their energy sapped, as nutters beseiged Apple HQ pressing tapes on them. They also ran a clothes shop as a tax dodge.
Bramwell blames Harold Wilson, the Prime Minister, directly. “There were enough new regulations and red tape to tie up free enterprise for years ... One minute Swinging London was like a giant theme park, the envy of the world, then they — Wilson and his gang — closed it down. It was as if they went out and stamped on it.”
The following video provides a re-enactment (sort of) of Bramwell's account of the band
Acting black became an ethnic lever, a way for Jews, Irish, and Central and Southern Europeans to assimilate into the white mainstream. (p. 30)
Methodology Annual pay for Bachelors graduates without higher degrees. Typical starting graduates have 2 years of experience; mid-career have 15 years. See full methodology for more. |
Los Angeles Times (Aug 25, 2009): It was a day of ups and downs when the online bidding ended Monday for the crypt above Marilyn Monroe.In addition to being above Marilyn Monroe, it was once owned by Joe DiMaggio and the tomb next to it is owned by Hugh Hefner. My favorite quote from the article:
Elsie Poncher, whose husband Richard Poncher is entombed in the crypt at Pierce Brothers Westwood Village Memorial Park, said she wanted to sell it to pay off the more than $1-million mortgage on her Beverly Hills home.
A bidder from Japan appeared to be the winner of the EBay auction, with an offer of $4,602,100 -- $100 more than the next highest bid.
Elsie Poncher, who is in her 70s, plans to move her husband's remains to the crypt designated for her, and when the time comes, she'll be cremated. She said that when her husband was dying, he made a request. "He said, 'If I croak, if you don't put me upside down over Marilyn, I'll haunt you the rest of my life.' "
