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A Distributed Version Of Repugnance As A Constraint On Markets

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from the Liberty Street Economics

-- this post authored by Rod Garratt

The 2012 Nobel Prize in economics was awarded to Alvin E. Roth and Lloyd S. Shapley for their work on matching problems. Two-sided matching problems, like assigning jobs to workers or dorm rooms to students, can be complicated enough. But sometimes the matching problem can be even more difficult. It may be that an item supplied by Alice is useful to Bob, but Bob has nothing of value to give to Alice. If, however, the item supplied by Bob is valuable to Charlie, then there is the potential for a matching chain. Charlie gives something to Alice, Alice gives something to Bob, and Bob gives something to Charlie. Such chains can by themselves be very complicated, and work must be done to identify chains that provide the most benefit. The first Nobel laureate mentioned above has done considerable work designing matching mechanisms used in kidney exchange. But why is all of this necessary? Why isn't there simply a market with prices?

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 more WWRT

What We Read Today 31 August 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary 'reading list' which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for 'reading list' items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Every day most of this column ("What We Read Today") is available only to GEI members.

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 more features, analysis, studies, and news published in the last week

Pondering Hitler's Legacy

from STRATFOR

-- this post authored by George Friedman

Happenstance has brought me today to a house on the Austria-Germany border, just south of Salzburg. That puts me about 3 miles from the German town of Berchtesgaden, on the German side of the border. Adolf Hitler's home, the Berghof, was just outside the town, on a mountain in the Bavarian Alps. To the extent that Hitler had a home, this was it, and it was the place where Hitler met with many notables, particularly before the war began.

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Infographic Of The Day: Tackling Sleep Deprivation And Other Sleep Maladies

We have identified the 7 deadly sleep depriving monsters from their continued research on dreams and sleep habits.

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Video of the Day:

Derek Thompson tells Fareed Zakaria how common jobs may soon be replaced by new technologies. One example is drivers being replaced by self-driving vehicles.


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Is This a Bear Market?



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When it Comes to Recession and Deflation, the Fed is the Last to Know

by James Rickards, Daily Reckoning

The Federal Reserve uses a complicated econometric model to make its forecasts about the U.S. economy. This model is called 'Federal Reserve Bank U.S.,' nicknamed FERBUS. It shows growth of 5% in the near future.

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 USA economy at a glance (boxed items are updates in last 7 days)

September 2015 Economic Forecast: Some Improvement Over Last Month's Terrible Forecast

Written by Steven Hansen

Econintersect's Economic Index improved from last month's lowest index level since April 2010. The tracked sectors of the economy generally improved somewhat or the growth remained unchanged. Still, our economic index has been in a long term decline since late 2014.

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