首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Microeconomists are on the march, winning top awards, helping battle the crisis, and advising the world’s most innovative firms.
Microeconomists are on the march, winning top awards, helping battle the crisis, and advising the world’s most innovative firms.
admin
2018-06-06
29
问题
Microeconomists are on the march, winning top awards, helping battle the crisis, and advising the world’s most innovative firms. This week the trend continued, with the Nobel Prize going to two micro-economists. Why are they doing so well?
First up, microeconomists seem to be very good at building new findings on old foundations. Take the Nobel Prize, covered by a colleague in the Free exchange print article—Game, set and match—this week. The prize went to economists who built on cooperative game theory, an ancient development by economic standards (one of the main papers was published in 1962). Cooperative game theory looks at how well people can do when acting together; by examining all the possible combinations, theorists can spot outcomes that individuals acting alone cannot achieve. They then focus on something called the "core" of the game—those outcomes that are "stable" in the sense that no subgroup would do better by breaking away and acting alone. But the theory is pivotal in understanding how to set up medical job-matching system in a stable way so that no hospital or medical school wants to break off and set up alone. Cooperative game theory is still being used in cutting edge auction design.
And the Nobel is just one example of real-life problems solved by micro. A thoroughly macroeconomic problem—unconventional monetary policy—is another. In 2007 and 2008, central banks and finance ministries decided that it was a good idea to follow this policy which involves exchanging good assets (cash or treasury bills, for example) for illiquid ones. But working out exactly how to do it was a very different question. One major stumbling block was to work out what price to pay for the bad assets: markets were thinly traded and prices often did not exist.
Micro theorists came up with the answers. In America, various academics advised the US Treasury in 2008. But the best example of micro in action is Britain, where the Bank of England uses a new type of auction—the Product Mix auction—designed by Paul Klemperer. The Bank’s Governor, Sir Mervyn King, clearly finds micro theory useful:
There is an important lesson about making cutting edge economics accessible here. Auction theory uses very tough mathematics to
grind out
results. But micro theorists also work hard on the intuition for their work. As an example, the results from Mr Klemperer’s auction can be set out in a simple graphical format. This means non-specialists (like central bank governors) can access it easily, making it much more useful in policy settings. In macroeconomics, the opposite seems to be true: the maths is actually easier, but it is just hard enough to exclude non-specialists, and this shields models from popular scrutiny.
Micro has made big recent developments in much more familiar areas too, including how we should think about the economics of Facebook, stock exchanges, newspapers and money. These are all platforms or intermediaries that link two types of user (Facebook connects users and advertisers, exchanges connect buyers and sellers). The economics of these platforms has spawned a new branch of micro, first developed by Jean Tirole and Jean Charles-Rochet in the early 2000s.
These types of new insight explain why leading academic microeconomics are also top advisers at innovative technology firms. Hal Varian, probably the world’s best known microeconomist, is also the top economist at Google. Granted, this happens with banks and business-school academics too, but in microeconomics the "real world" experience seems to be nourishing the discipline in a way that is less clear in macro.
A final strength may come from geographic diversity. In micro, while American universities lead the field, there are lots of other world-class hubs too. Macroeconomics, by comparison, is an all-American affair. Maybe this means a more diverse set of ideas about how firms, consumer and markets work are being brought to academic work in micro. Whatever the reason, microeconomists are on the up.
What does the phrase "grind out" (Line 2, Para. 5) mean?
选项
A、Search something with perseverance.
B、Achieve something with certainty.
C、Produce something with difficulty.
D、Deliver something with efficiency.
答案
C
解析
语义理解题。根据题干提示定位到第五段。该段指出标售理论需要使用晦涩难懂的数学公式,所以要得出结果必然不易,即需要费力得出,故C项为正确答案。A项“坚持不懈地探索某物”,B项“确信无疑可获得某物”和D项“高效率地实现某物”均不符合原文意思,故均排除。
转载请注明原文地址:https://kaotiyun.com/show/c36Z777K
0
考研英语一
相关试题推荐
Asageneralrule,AmericanmenearnmorethanAmericanwomen.Thisholdstrueacrossindustries,acrosseducationlevels,anda
Asageneralrule,AmericanmenearnmorethanAmericanwomen.Thisholdstrueacrossindustries,acrosseducationlevels,anda
Asageneralrule,AmericanmenearnmorethanAmericanwomen.Thisholdstrueacrossindustries,acrosseducationlevels,anda
Nowadays,amateurphotographyhasbecomeatroublingissue.Citizensofrichcountrieshavegotusedtobeingwatchedbyclosed-
Nowadays,amateurphotographyhasbecomeatroublingissue.Citizensofrichcountrieshavegotusedtobeingwatchedbyclosed-
Thenewsaboutvitaminskeepsgettingworse.Manystudiespublishedinthelastfewyearsshowsthatavarietyofpopularsupple
Thenewsaboutvitaminskeepsgettingworse.Manystudiespublishedinthelastfewyearsshowsthatavarietyofpopularsupple
Despitehelpingtorecordevents,photoscoulddamageourmemories.Researchersfoundpeoplewhotakepictureshave【C1】______rem
Despitehelpingtorecordevents,photoscoulddamageourmemories.Researchersfoundpeoplewhotakepictureshave【C1】______rem
随机试题
Historyisawindow________youcanseethepeopleandthingsinthepast.
A、Knowingtheneedsofcustomers.B、Planningeverythinginadvance.C、Payingattentiontoeverydetail.D、Gettingalongwellwit
A、含挥发油,油中主成分为桂皮醛B、含挥发油,油中主成分是α、β-桉油醇C、七叶树素、七叶树苷D、东莨菪碱、莨菪碱E、黄酮类化合物、绿原酸、异绿原酸洋金花的主要化学成分是()
手术前应行清洁灌肠的是:
位于市区的某生产企业(具有出口经营权)为增值税一般纳税人,2015年10月出口自产产品,进料加工出口货物离岸价(即FOB价)为1250万元人民币,内销货物取得不含税收入200万元人民币,当月发生可以抵扣的进项税额为100万元人民币(取得增值税专用发票,且已
银行在进行贷款项目评估时,需剔除()。
以下关于“节俭”的说法,你认为正确的是()。
有甲、乙、丙三个工作组,已知乙组两天的工作量和甲、丙共同工作一天的工作量相同,丙组一天的工作量和甲、乙两组共同工作一天的工作量相同,现有X工程先由甲、乙两组工作3天,再由丙组工作一天才能完成,那么X工程由甲组单独工作需要()天完成。
1,2,8,(),1024,……
Itisofcoursetruethatinacertainsensetheindividualispredestinedtotalk,butthatisdueentirelytothecircumstanc
最新回复
(
0
)