Paul Milgrom Econ 490 Fall 2019

There were some of the stuff I did not know going in before this class. For example, I did not necessarily know what the specific dynamics and power structures of organizations and how they may function are (like in the teamwork blogpost) which I learned through the reading the text and slides.              The online blogging was quite an interesting concept, especially for a class. Personally, I have never blogged before in my life, so it was quite an intriguing way to interact with the course material. I liked it better than have in class exams based on the material as it was more interactive way to learn the topics rather than the pressure of cramming for an exam and simply forgetting about the material. I think this way, with the blogging, I retained more information than I would have previously with a more traditional approach, which I consider a good thing.              When starting the blogging, I would write notes first on first how I wanted to approach the topic, and

In the movie "The Social Network", director David Fincher explore the origins of the social media company Facebook, at Harvard and chronicles the early years of the company. Co founders, Mark Zuckerberg and Eduardo Saverin seem to be good friends and have a good professional relationship starting out. They start off with Eduardo giving Mark a $1000 dollars so that he can make the initial site titled "Thefacebook". It starts off at just a few top tier universities, limited to just college students. Their site proves to be pretty popular, as it's being talked around campuses quite a bit. They later meet with the co-founder of Napster, Sean Parker, giving them some advice on how to expand their company and have a greater reach beyond universities. Saverin has a bit of disdain about Parker, and objects to many of the business decisions that he was making for the company. For example they accepted $500,000 from the investor Peter Thiel (who is also the founde

I believe that punishments can have their place here or there, but I often find that people take these a little too far sometimes. From what I recall, the president of my fraternity reprimanded our vice president of finance for losing track on some of our funds that we had allocated for our formal dance that was upcoming. The person in authority did appear to be a little hostile towards the member while disciplining them. The president had raised a voice quite a bit and was practically yelling. The receiving member just stood there, quite unsure of what to say in the moment and seemingly not wanting to make the other person more upset by talking.  They did show how the problem was to be fixed though, just in an angry demeanor. The president frequently described it as unacceptable and unbecoming of him and things of the sort. I thought his words were a little harsh, and did not accept the way he was taking care of the problem. It definitely was not the most productive way to han

I found that these articles were quite interesting to read. Regarding the fairness and game theory for children, I never realized how skewed the perception of fairness may be quite different for children as opposed to adults. They think that, if someone has something they want and that they do not have, they may want to equally split it as they view that as morally fair.  Reading that how through continuing research that these may be an innate quality that we have wanted since our beginnings as a species does put things into a new light though. If we examine that scarcity is the underlying problem of possibly most economic issues, then we see that everyone equaling sharing something is fairer as opposed to one person simply hoarding something.  While most of us may want things to be fair, that is simply not the way the world works. But rather than simply suppressing it, it may however prove beneficial to work within the constraints of a child like's view of fairness.  If we were

            As an update from last week,  I have begun to prewrite my blog posts a bit as I stated from my last post. I think this has proven quite beneficial as I find it easier to write now than getting stuck at writer’s block and was able to write a bit more than the 600 word limit.  Now on to this week’s blog.  There is a lot of potential income risk when it comes to making important decisions in my future, and it's imperative I make the right ones. I am currently majoring in Econometrics & Quantitative Economics. I think that this is a good field that will hopefully find me a good job working in data science and related areas like that.  I thought this major would be more beneficial than a sole Economics field as more and more companies demand data analysts, as I also particularly enjoy working with numbers.  After graduation, I would like to stay in the Chicago land area, as this is where my parents live and where I grew up. I think living with them for a few

I think that things like sporting event tickets would be a great way to use Illinibucks and the price would vary depending on the seating chart as it does with regular cash. So those buying in person would be able to get their desired seats quite quicker than others not spending their Illinibucks. This would work as sporting events are not a necessity to students so those who choose to go can freely use their bucks however, they choose without negatively affecting someone else.  I also believe that it can be used for dorm reservations when housing sign ups begin every fall. Students more willing to spend more of their bucks could get ahead in order to choose the nice and luxurious dorms versus the somewhat random process that it is now. We do not exactly get a firsthand pick in what we want and can often be assigned to dorms that we do not wish to live in. In that sense it could appear as more fair, as the students not willing to spend their bucks on housing can choose to spend i