Sublime

Competition for the deal must be deployed in a nuanced way—seemingly small process choices can have big substantive implications.

She said much of the finance industry has too narrow a view of its strategy and goals. It often becomes a short-term, almost zero-sum game with many investors focused only on small relative gains won against each other.

Regardless of how exactly one generates theories of other people's minds, it's clear that these theories profoundly affect moral decisions. Look, for example, at the ultimatum game, a staple of experimental economics. The rules of the game are simple, if a little bit unfair: an experimenter pairs two people together, and hands one of them ten

Individual behavior leads to aggregate outcomes, and aggregate outcomes—the aggregate patterns in the economy—cause this individual behavior to adapt and change.

The Standard Approach 1. Well-define a situation as a logical problem. 2. Assume identical agents who behave identically, rationally, and who know that other agents are identical and behave identically and rationally. 3. Assume agents’ behavior produces an aggregate outcome that validates their individual behavior. 4. The problem becomes

The other risk is that your first offer is too conservative, so you unknowingly give away a substantial piece of the ZOPA in your very first move.

It’s easy enough to draw the Great Safety Net 2.0 on the back of a napkin. But once the overall concept becomes clear, the challenge isn’t to build the entire macro mechanism in just one round. Rather it is to invent solutions to an infinity of simple problems in fields as diverse as lifelong training, occupational licensing, housing,