Economists Do It With Models

Warning: “graphic” content…

Bookmark and Share
Wanted: One Nobel Prize Advent Calendar…

October 10th, 2013 · 10 Comments
Uncategorizable

I was thinking earlier today that there really needs to be an advent calendar or something to lead up to the Nobel Prize announcement…I mean, wouldn’t it be so great to open a little paper door each day and see the face of (in the vast majority of cases) an old nerdy white guy? So of course I googled “advent calendar” to try and find an image that I could photoshop some pictures onto, but somewhere in that process I reminded myself that just about anything can be found in the Internet, so I decided to aim higher and googled “advent calendar economics.” And guess what? I didn’t quite get old nerdy dudes, but I did find an advent calendar of charts from The Economist, which is pretty exciting. (Note: You and I may have different definitions of exciting.) In related news, I need a graphics department.

Anyway, the Nobel Prize announcements for this year have started, and the economics prize is scheduled to be announced on Monday, October 14th. What this means is that a bunch of accomplished economists are going to be sleeping on pins and needles Sunday night and probably waking up every five minutes because they decided, for example, that their cat’s meow sounded like an early-morning phone call from Sweden. (Sidenote: I fail to understand how this hasn’t become a prank call gold mine by now, especially since one of the first phone calls usually comes from a guy named, I kid you not, Adam Smith. I suppose the family of Edmund Phelps was right to be a tad suspicious.) Not surprisingly, such phone calls are one of the few reliable ways to get an economist to smile:

(I can’t help but find it funny that the publication that published that picture thinks it’s noteworthy that a Jewish economist won the Nobel Prize.) So, who’s going to win this year? In recent years, nerds have been able to rely on betting markets such as InTrade to provide reliable guesses, and they’d been able to entertain themselves via betting pools run by economic departments. (Harvard, for example, had one that was open to the public and quite popular, but the university shut it down a few years back. Boo.) Without these sources, economists are generally trapped in a free-for-all scenario, which probably explains why the Wall Street Journal included everyone but my grandmother in its list of potential Nobel winners. The upside of this, however, is that the article reads as a pretty decent overview of prominent economists and their work.

I have no idea how to even begin to guess who is actually going to win, so the best I can do is to say that my favorite economists on the list are the following, not necessarily for particularly well-developed reasons:

  • Jerry Hausman – I took graduate econometrics with Jerry, and he actually focused on explaining the neat things that we could do with the math that we were learning. Also, he kept using “Manny Ortiz” as a sports example in class, and I still can’t figure out whether he was aware of what he was doing.
  • Richard Thaler – I’m kind of surprised that Thaler, one of the main behavioral guys, didn’t share the prize with Dan Kahneman in 2002, so I root for him each year.
  • Joshua Angrist – I am amused by any economist that both looks and sounds like Ben Stein. I also think his draft lottery papers are really interesting, since I can totally picture him being like “you know, it would really be nice if the government would randomize people into military and non-military conditions so that I could analyze the effect of military service on labor market outcomes” and then having a huge light bulb go off over his head.
  • Alan Krueger – If he wins, I’m going to go ahead and assume that it’s for his work on the music industry.

Dear Sweden: It’s mean to put the econ Nobel announcement on a U.S. holiday, but I will suck it up and set my alarm anyway.

Tags: Uncategorizable

10 responses so far ↓

  • 1 Ray // Oct 10, 2013 at 9:20 pm

    I’d be good with David Card. That would be two prominent economists cited in my thesis who are having a better years than me (Janet Yellen being the other…) Your picks are all good too.

  • 2 Meer Nobelprognose | eco.nomie.nl // Oct 11, 2013 at 6:53 am

    […] slot nog een aardige anekdote (via). Winnaars die bericht krijgen uit Stockholm geloven vaak niet dat ze echt hebben gewonnen. Dat […]

  • 3 Cricket Match Predictions,Cricket Predictions,Cricket tips,Free cricket tips,match prediction,Cricket Astrology,Cricket Astrologer,Cricket Horoscoope, Cricket betting tips, free betting tips, // Mar 1, 2014 at 11:36 am

    Wonderful weblog the following! And your web-site plenty upward quick! Just what exactly sponsor have you been use of? Should i buy your affiliate marketer web page link to your web host? I’d prefer my personal internet site packed as swiftly when your own hahah

  • 4 the free cash formula // Sep 22, 2014 at 7:35 pm

    I have created the most amazing peice of sofware ever..
    My software can make you hundreds of dollars
    in just a few days… It doesn’t involve trading or gambling
    and I guarantee you 100% this WORKS !!!!
    Im Andy Jacob CLICK HERE and let me tell you about it…

  • 5 Stella // May 15, 2015 at 2:13 pm

    Howdy! I’m at work browsing your blog from my new iphone!
    Just wanted to say I love reading through your blog and look forward to all your posts!

    Carry on the excellent work!
    homepage [Stella]

  • 6 yiwu city // Jul 10, 2015 at 5:33 am

    Anyhow, I’m certainly pleased I found it and I’ll be bookmarking it and checking back often!

  • 7 Info Bayi Balita // Nov 10, 2015 at 7:55 pm

    Great article . Enjoy your blog.

    It is good job

  • 8 Desain Rumah Minimalis // Mar 17, 2016 at 6:56 pm

    Carry on the excellent work!

    thank you for great article

  • 9 Mas Malindo // May 6, 2016 at 3:26 am

    That anxiety is excessive …
    but now if you googled will find content that is more relevant, it may be helpful 🙂
    thank you, you have very nice article

  • 10 sugeng riyanto // Jun 15, 2016 at 3:44 am

    but now if you googled will find content that is more relevant, it may be helpful

    KTA

Leave a Comment