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Cautionary Tales with Tim Harford
When the Robots Take Over... - Cautionary Questions
May 24, 2024
Economics expert Jacob Goldstein answers intriguing questions like the effects of winning the lottery, impact of Bitcoin on the economy, and the correlation vs. causation dilemma. They also ponder on how to prepare for the inevitable robot takeover of jobs.
39:37
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Quick takeaways
- Board games illustrate trading incentives and auction dynamics in economics.
- Distinguishing causation from correlation requires nuanced approaches and experimental methods.
Deep dives
Using Data in Auctions as an Economic Insight
Games like Settlers of Catan and Agricola shed light on the importance of trading mechanisms and auction design in economics. Settlers of Catan creates an active incentive for trading resources due to fluctuating availability and a penalty for not trading. Agricola cleverly employs a descending auction, resembling a Dutch auction, where the desirability of the prize increases over time, emphasizing the need to understand market dynamics in resource allocation.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode