The Joe Walker Podcast

Rational Minds Part 1: A Nation Of Gamblers - Ed Glaeser

Dec 15, 2020

32:43

Creator website

Highlights

AI Chapters

Episode notes

Easy Credit Is Not Sufficient for Explaining Land Bubbles

01:39

The Great Housing Convulsion

03:20

What Would a Good Bayesian Have Done?

01:43

Introduction

3min

The Jolly Swagman Podcast Part 1

6min

Is There a Too Big to Take on Topic in Real Estate Speculation?

5min

The Great Housing Convulsion

3min

Speculators in Real Estate Bubbles

2min

The Wild Irrationality Myth

2min

Easy Credit Is Not Sufficient for Explaining Land Bubbles

2min

What Would a Good Bayesian Have Done?

2min

Is There Radical Uncertainty in Housing Markets?

2min

10.

The Extrapolated Buyer Is One of the Best Models for Understanding Semi-Rationality

3min

11.

How Small Errors Can Translate Into Big Changes in Price

2min

Ed Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard University.

Show notes

Selected links

Follow Ed: Website
'A Nation Of Gamblers: Real Estate Speculation And American History', 2013 Ely Lecture by Ed Glaeser
One Hundred Years Of Land Values In Chicago, by Homer Hoyt
The Land Boomers, by Michael Cannon
'25 years of housing trends' report by Aussie Home Loans

Topics discussed

A potted history of real estate speculation in the United States. 8:51
How would Ed describe the Great Convulsion of the 2000s to an alien observer? 13:40
Why is real estate well-suited to being a speculative asset? 16:04
If speculators aren't crazy, what are they? 17:00
Was the Great Convulsion primarily driven by credit availability? 20:44
What would a good Bayesian have thought in response to the 2000s housing market in the US? 22:23
Radical uncertainty and its implications for rationality in the context of housing markets. 24:06
Are extrapolative beliefs rational? 26:22
Are housing bubbles irrational? 29:51

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The Joe Walker Podcast

Rational Minds Part 1: A Nation Of Gamblers - Ed Glaeser

Easy Credit Is Not Sufficient for Explaining Land Bubbles

The Great Housing Convulsion

What Would a Good Bayesian Have Done?

Show notes

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