Ping Unka et al: Scrapping the Economics Nobel Prize

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Fri, 28 Aug 2009 13:04:52



No foolin....
In
http://www.FoundCollection.com/
starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
Starr center of economics and the Courant Institute of Mathematics), calls
for scrapping nobel prizes in economics.
(!!!!!!!)
About a 4 min segment.

See a very inneresting Wiki page on Taleb:
http://www.FoundCollection.com/
and his site: http://www.FoundCollection.com/;Hilarious.
The wiki page will be more inneresting than his site, for most.

However, a notable quote:
"My major hobby is teasing people who take themselves & the quality of their
knowledge too seriously & those who don't have the courage to sometimes say:
I don't know...." (You may not be able to change the world but can at least
get some entertainment & make a living out of the epistemic arrogance of the
human race).

Amen, brutha.....

fuknGunner should make this his mantra.

Taleb has actually gone to Sweden to talk to the Big Nobel***s about
eliminating the prize in economics.  fuknHilarious, yo....

I agree 100%.

Recall my posts on Myron Scholes (Black-Scholes options pricing formula,
Nobelier), and his Nobelier buddy Bobby Merton, whose hedge funds wennt
effing bust.   goodeffinggawd.

Here's the PV take on economics.

Economics is essentially game theory, and as such, can be accurately
described mathematically.  No pro'leng, so far....

But here IS the pro'leng:

   What they don't want the mathematics to make explicit is the utter
corruption and one-sidedeness involved in the decision-making processes in
economics, in manipulated information, and the 69 position of Big Bidniss
and Big Gummint, at our expense. <MMMMMmmmmmmm> <yummmmmmm>

What economists are *pretending* to describe is The Great Free Market and
Fair Market Grandiosity/Fantasy, with bullshit mathematics.

So of course it fails.  It's a fukn fiction, just like our .5% inflation.

What we need is the Mathematics of the (economic) Proctological Violation,
which is essentially the Mathematics of Corruption.

Which is really a straightforward algebra of how far the bigger mutha***a
can shove his*** into the smaller mutha***a, without killing too many
small mutha***as, or going to jail.

But the artistry of the economic PV is to have the smaller mutha***a think
that the bigger mutha***a is actually watching out for his financial
well-being, and is just giving him an***/colonoscopy.

Now yer gettin into Rev Sun Yung Moon/Jim Jones/Hare Krishna or QVC/HSN
type mind***ing/programming.

So economics is not really a mathematical science.  It's a mind***,
*disguised* by bullshit mathematics.

Allow me to shorten the World Focus ditty:

Economists, including Geithner (as he bleats about effing """confidence""")
and all those bullshit economic Nobeliers,  can SMD.

--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Fri, 28 Aug 2009 13:07:10


Oh yeah, World Focus is a regular nightly 1/2 hr news segment on most PBS
stations, hosted by Martin Savidge.  Mostly BBC-type stuff.  Mostly very
well done.

--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/


Quote:
> No foolin....
> In
> http://www.FoundCollection.com/
> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
> Starr center of economics and the Courant Institute of Mathematics), calls
> for scrapping nobel prizes in economics.
> (!!!!!!!)
> About a 4 min segment.

> See a very inneresting Wiki page on Taleb:
> http://www.FoundCollection.com/
> and his site: http://www.FoundCollection.com/;Hilarious.
> The wiki page will be more inneresting than his site, for most.

> However, a notable quote:
> "My major hobby is teasing people who take themselves & the quality of
> their knowledge too seriously & those who don't have the courage to
> sometimes say: I don't know...." (You may not be able to change the world
> but can at least get some entertainment & make a living out of the
> epistemic arrogance of the human race).

> Amen, brutha.....

> fuknGunner should make this his mantra.

> Taleb has actually gone to Sweden to talk to the Big Nobel***s about
> eliminating the prize in economics.  fuknHilarious, yo....

> I agree 100%.

> Recall my posts on Myron Scholes (Black-Scholes options pricing formula,
> Nobelier), and his Nobelier buddy Bobby Merton, whose hedge funds wennt
> effing bust.   goodeffinggawd.

> Here's the PV take on economics.

> Economics is essentially game theory, and as such, can be accurately
> described mathematically.  No pro'leng, so far....

> But here IS the pro'leng:

>   What they don't want the mathematics to make explicit is the utter
> corruption and one-sidedeness involved in the decision-making processes in
> economics, in manipulated information, and the 69 position of Big Bidniss
> and Big Gummint, at our expense. <MMMMMmmmmmmm> <yummmmmmm>

> What economists are *pretending* to describe is The Great Free Market and
> Fair Market Grandiosity/Fantasy, with bullshit mathematics.

> So of course it fails.  It's a fukn fiction, just like our .5% inflation.

> What we need is the Mathematics of the (economic) Proctological Violation,
> which is essentially the Mathematics of Corruption.

> Which is really a straightforward algebra of how far the bigger mutha***a
> can shove his*** into the smaller mutha***a, without killing too many
> small mutha***as, or going to jail.

> But the artistry of the economic PV is to have the smaller mutha***a
> think that the bigger mutha***a is actually watching out for his
> financial well-being, and is just giving him an***/colonoscopy.

> Now yer gettin into Rev Sun Yung Moon/Jim Jones/Hare Krishna or QVC/HSN
> type mind***ing/programming.

> So economics is not really a mathematical science.  It's a mind***,
> *disguised* by bullshit mathematics.

> Allow me to shorten the World Focus ditty:

> Economists, including Geithner (as he bleats about effing
> """confidence""") and all those bullshit economic Nobeliers,  can SMD.

> --

> Mr. PV'd

> Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
>     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
> glad to see me??

> Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
> particular.
> Spare the animals.

> Click here every day to feed an animal that needs you today.
> www.theanimalrescuesite.com/


 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Paul » Fri, 28 Aug 2009 22:11:06


On Aug 27, 12:04?am, "Proctologically Violated??"

Quote:

> No foolin....
> Inhttp://worldfocus.org/blog/2009/08/26/full-show-august-26-2009/6987/
> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
> Starr center of economics and the Courant Institute of Mathematics), calls
> for scrapping nobel prizes in economics.

Do some research for christ sakes,
There is NO NOBEL PRIZE FOR ECONOMICS.

HTH
--
PaulS

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by dcas.. » Fri, 28 Aug 2009 22:20:38



Quote:

> > Starr center of economics and the Courant Institute of Mathematics), calls
> > for scrapping nobel prizes in economics.

> Do some research for christ sakes,
> There is NO NOBEL PRIZE FOR ECONOMICS.

> HTH
> --
> PaulS

Close enough for government work.

                               Dan

Nobel Memorial Prize in Economic Sciences
From Wikipedia, the free encyclopedia
Jump to: navigation, search

The Nobel Memorial Prize in Economic Sciences, commonly referred to as
the Nobel Prize in Economics,[1] is an award for outstanding
contributions in the field of economics and is generally considered
one of the most prestigious awards in that field.[2] The official name
is the Sveriges Riksbank Prize in Economic Sciences in Memory of
Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap
till Alfred Nobels minne). It is not one of the five Nobel Prizes
established by the will of Alfred Nobel in 1895.[2][3][4][5][6] The
Prize in Economics, as it is referred to by the Nobel Foundation, was
established and endowed by the Sveriges Riksbank in 1968 on the Bank's
300th anniversary, in memory of Alfred Nobel's 1895 will.[2][7][8][9]
Like the Nobel Laureates in Chemistry and Physics, Laureates in
Economics are selected by the Royal Swedish Academy of Sciences.[10]
[11] It was first awarded in 1969 to the Dutch and Norwegian
economists Jan Tinbergen and Ragnar Frisch, "for having developed and
applied dynamic models for the analysis of economic processes."[9][12]
[13]

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by F. George McDuffe » Fri, 28 Aug 2009 22:38:17


On Thu, 27 Aug 2009 06:11:06 -0700 (PDT), PaulS

Quote:

>On Aug 27, 12:04 am, "Proctologically Violated "

>> No foolin....
>> Inhttp://worldfocus.org/blog/2009/08/26/full-show-august-26-2009/6987/
>> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
>> Starr center of economics and the Courant Institute of Mathematics), calls
>> for scrapping nobel prizes in economics.

>Do some research for christ sakes,
>There is NO NOBEL PRIZE FOR ECONOMICS.

>HTH

=========
?????
see http://nobelprize.org/nobel_prizes/economics/laureates/

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Fri, 28 Aug 2009 23:09:41



On Aug 27, 12:04 am, "Proctologically Violated "

Quote:

> No foolin....
> Inhttp://worldfocus.org/blog/2009/08/26/full-show-august-26-2009/6987/
> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
> Starr center of economics and the Courant Institute of Mathematics), calls
> for scrapping nobel prizes in economics.

Do some research for christ sakes,
There is NO NOBEL PRIZE FOR ECONOMICS.

HTH
===========================================

And, like the Economics Nobeliers, you miss the point.
Paul Krugman's 2008 prize got him about $1.5 million US.
http://en.wikipedia.org/wiki/List_of_Nobel_laureates_in_Economics

Not bad for mathematical fantasy, eh?

Not saying none of them deserved recognition for their work/fantasies, but
Taleb likened the current Nobel Prize in economics to a doctor being given a
Nobel Prize for fantasizing about life on Mars.

As Dan posted, the same Royal Swedish Academy of Sciences that picks physics
and chemistry nobeliers picks these economic loons.

Must be that they pick the economic guy on Friday nite in a pub, after the
hard week's work picking the physics/chemistry guys.  goodgawd....

In http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences
( Dan's cite), the article also references Taleb's criticism of the prize,
listing Merton and Scholes as non-deservers, along with a few others.

HTH, dude.
--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/

--
PaulS

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Paul » Sat, 29 Aug 2009 08:41:51


On Aug 27, 10:09?am, "Proctologically Violated??"

Quote:

> And, like the Economics Nobeliers, you miss the point.
> Paul Krugman's 2008 prize got him about $1.5 million US.http://en.wikipedia.org/wiki/List_of_Nobel_laureates_in_Economics

I see the irony that "Economics" is a made-up "wannabe" Nobel was
aimed a bit high for you.

Would it have helped if I let slip an Illuminati connection?

Oops, I've said too much already...
--
PaulS

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Sat, 29 Aug 2009 09:02:52



On Aug 27, 10:09 am, "Proctologically Violated "

Quote:

> And, like the Economics Nobeliers, you miss the point.
> Paul Krugman's 2008 prize got him about $1.5 million
> US.http://en.wikipedia.org/wiki/List_of_Nobel_laureates_in_Economics

I see the irony that "Economics" is a made-up "wannabe" Nobel was
aimed a bit high for you.

Would it have helped if I let slip an Illuminati connection?

Oops, I've said too much already...

======================================

What irony?

You keep harping on the Nobel thing...  It dudn't matter what you call it.
It is a prestigious award, with substantial remuneration, for bullshit
mathematics applied incorrectly.

Call the award what you want.  I think, and Taleb thinks it should not be
awarded at all.  I also think past awards should be rescinded, and the money
returned.

--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/

--
PaulS

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Artemu » Sat, 29 Aug 2009 10:40:52


"Proctologically Violated "  wrote :
:
: You keep harping on the Nobel thing...  It dudn't matter what you call it.
: It is a prestigious award, with substantial remuneration, for bullshit
: mathematics applied incorrectly.
:
: Call the award what you want.  I think, and Taleb thinks it should not be
: awarded at all.  I also think past awards should be rescinded, and the money
: returned.
:

Amen.
And that goes double for Al Gore's award for his bullshit
Art

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Ed Huntres » Sun, 30 Aug 2009 03:36:46



Quote:
> No foolin....
> In
> http://www.FoundCollection.com/
> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
> Starr center of economics and the Courant Institute of Mathematics), calls
> for scrapping nobel prizes in economics.
> (!!!!!!!)
> About a 4 min segment.

> See a very inneresting Wiki page on Taleb:
> http://www.FoundCollection.com/
> and his site: http://www.FoundCollection.com/;Hilarious.
> The wiki page will be more inneresting than his site, for most.

> However, a notable quote:
> "My major hobby is teasing people who take themselves & the quality of
> their knowledge too seriously & those who don't have the courage to
> sometimes say: I don't know...." (You may not be able to change the world
> but can at least get some entertainment & make a living out of the
> epistemic arrogance of the human race).

> Amen, brutha.....

> fuknGunner should make this his mantra.

> Taleb has actually gone to Sweden to talk to the Big Nobel***s about
> eliminating the prize in economics.  fuknHilarious, yo....

> I agree 100%.

> Recall my posts on Myron Scholes (Black-Scholes options pricing formula,
> Nobelier), and his Nobelier buddy Bobby Merton, whose hedge funds wennt
> effing bust.   goodeffinggawd.

> Here's the PV take on economics.

> Economics is essentially game theory, and as such, can be accurately
> described mathematically.  No pro'leng, so far....

As a science, it's about five notches above medicine and maybe ten above
nutrition. <g>

There's nothing wrong with economics. The problem is people who don't
understand what economists are trying to tell them. The 15-second sound bite
doesn't help, either. It's also a problem that laymen aren't interested at
all in rounghly 90% of what economics is about. They're only interested in
the 10% that's all speculation done from a basis of insufficient knowledge,
with impossible sets of unknown variables. That's the part that most
economists care about the least.

--
Ed Huntress

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Sun, 30 Aug 2009 13:12:09



Quote:



>> No foolin....
>> In
>> http://www.FoundCollection.com/
>> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
>> Starr center of economics and the Courant Institute of Mathematics),
>> calls for scrapping nobel prizes in economics.
>> (!!!!!!!)
>> About a 4 min segment.

>> See a very inneresting Wiki page on Taleb:
>> http://www.FoundCollection.com/
>> and his site: http://www.FoundCollection.com/;Hilarious.
>> The wiki page will be more inneresting than his site, for most.

>> However, a notable quote:
>> "My major hobby is teasing people who take themselves & the quality of
>> their knowledge too seriously & those who don't have the courage to
>> sometimes say: I don't know...." (You may not be able to change the world
>> but can at least get some entertainment & make a living out of the
>> epistemic arrogance of the human race).

>> Amen, brutha.....

>> fuknGunner should make this his mantra.

>> Taleb has actually gone to Sweden to talk to the Big Nobel***s about
>> eliminating the prize in economics.  fuknHilarious, yo....

>> I agree 100%.

>> Recall my posts on Myron Scholes (Black-Scholes options pricing formula,
>> Nobelier), and his Nobelier buddy Bobby Merton, whose hedge funds wennt
>> effing bust.   goodeffinggawd.

>> Here's the PV take on economics.

>> Economics is essentially game theory, and as such, can be accurately
>> described mathematically.  No pro'leng, so far....

> As a science, it's about five notches above medicine and maybe ten above
> nutrition. <g>

> There's nothing wrong with economics. The problem is people who don't
> understand what economists are trying to tell them. The 15-second sound
> bite doesn't help, either. It's also a problem that laymen aren't
> interested at all in rounghly 90% of what economics is about. They're only
> interested in the 10% that's all speculation done from a basis of
> insufficient knowledge, with impossible sets of unknown variables. That's
> the part that most economists care about the least.

So then how do you explain that economics Nobeliers Merton and Scholes, who
pretty much invented options pricing, went bankrupt in their hedge funds?
goodgawd....

Or that, as Taleb asserts, some of these Nobeliers were just flat out
wrong??

Or that 1 in 10,000 economists saw this debacle looming?

Heh, I got some nutrition for these mutha***as:  Coffee***s for the
whole lot of them, might wake'em up a little.

--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/

- Show quoted text -

Quote:

> --
> Ed Huntress

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by F. George McDuffe » Sun, 30 Aug 2009 15:32:04


On Sat, 29 Aug 2009 00:12:09 -0400, "Proctologically Violated "
<snip>
Quote:
>So then how do you explain that economics Nobeliers Merton and Scholes, who
>pretty much invented options pricing, went bankrupt in their hedge funds?
>goodgawd....

<snip>
While some of the basic assumptions used by Black-Merton-Scholes
do not appear to be empirically correct when checked against the
available data, such as their use of the Normal/Gaussian
distribution rather than the Cauchy or other l-normal
distribution with "fat" tails, this does not appear to be the
foundational problem that brought LTCM down.
http://en.wikipedia.org/wiki/File:Cauchy_distribution_cdf.png
http://en.wikipedia.org/wiki/Cauchy_distribution

The information I have available indicates that the LTCM hedge
fund traders got greedy, and ignored even the BMS model.  Several
other computer "models" were used that gave the "right" answers,
i.e. said it was ok to do what the traders were doing.
Additionally, LTCM was grossly overleverged to goose returns.

The entire problem was exacerbated by the owner/manager of the
LTCM hedge fund who was known to play the angles and cut the
corners"

"John Meriwether headed Salomon Brothers' bond trading desk until
he was forced to resign in 1991 when his top bond trader, Paul
Mozer, admitted to falsifying bids on U.S. Treasury auctions.
Because Salomon was the largest bidder on treasury bonds at
auction, the Treasury department feared that Salomon would be
able to take a strategic position on the bonds in order to
influence the price.  As such, Salomon (or any single bidder) was
restricted from purchasing more than 35% of the bonds sold at any
auction. Mozer circumvented this limitation by making fraudulent
bids on behalf of Salomon clients and then transferring the bonds
to Salomon's accounts following the transaction. The revelation
of this scandal depressed the company's share price and drove
investor Warren Buffett to sack its chief executive officer, John
Gutfreund. Though Meriwether was not directly implicated, calls
for his ousting rose within the company and he resigned before he
was to be let go.

In 1993 he announced that he would launch a hedge fund called
Long-Term Capital.  Meriwether used his well-established
reputation to recruit several Salomon bond traders and some
brilliant mathematicians. He also recruited two future Nobel
Prize winners, Myron Scholes and Robert C. Merton, both of whom
worked in Salomon Brothers' fixed income trading department."

see
http://en.wikipedia.org/wiki/When_Genius_Failed:_The_Rise_and_Fall_of...
http://en.wikipedia.org/wiki/Long-Term_Capital_Management

What is amazing is that the regulators [Greenspan] and other
financial institutions seem to have learned nothing from this
debacle.

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Clif » Sun, 30 Aug 2009 19:31:01


Quote:

>On Aug 27, 12:04 am, "Proctologically Violated "

>> No foolin....
>> Inhttp://worldfocus.org/blog/2009/08/26/full-show-august-26-2009/6987/
>> starting about 14:30, Nassim Nicholas Taleb, of NYU (which houses the CV
>> Starr center of economics and the Courant Institute of Mathematics), calls
>> for scrapping nobel prizes in economics.

>Do some research for christ sakes,
>There is NO NOBEL PRIZE FOR ECONOMICS.

>HTH

  I just love wingers & fundies !!!

  http://nobelprize.org/nobel_prizes/economics/laureates/#year1969
  All Laureates in Economics
2008 - Paul Krugman
2007 - Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson
2006 - Edmund S. Phelps
2005 - Robert J. Aumann, Thomas C. Schelling
2004 - Finn E. Kydland, Edward C. Prescott
2003 - Robert F. Engle III, Clive W.J. Granger
2002 - Daniel Kahneman, Vernon L. Smith
2001 - George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
2000 - James J. Heckman, Daniel L. McFadden
1999 - Robert A. Mundell
1998 - Amartya Sen
1997 - Robert C. Merton, Myron S. Scholes
1996 - James A. Mirrlees, William Vickrey
1995 - Robert E. Lucas Jr.
1994 - John C. Harsanyi, John F. Nash Jr., Reinhard Selten
1993 - Robert W. Fogel, Douglass C. North
1992 - Gary S. Becker
1991 - Ronald H. Coase
1990 - Harry M. Markowitz, Merton H. Miller, William F. Sharpe
1989 - Trygve Haavelmo
1988 - Maurice Allais
1987 - Robert M. Solow
1986 - James M. Buchanan Jr.
1985 - Franco Modigliani
1984 - Richard Stone
1983 - Gerard Debreu
1982 - George J. Stigler
1981 - James Tobin
1980 - Lawrence R. Klein
1979 - Theodore W. Schultz, Sir Arthur Lewis
1978 - Herbert A. Simon
1977 - Bertil Ohlin, James E. Meade
1976 - Milton Friedman
1975 - Leonid Vitaliyevich Kantorovich, Tjalling C. Koopmans
1974 - Gunnar Myrdal, Friedrich August von Hayek
1973 - Wassily Leontief
1972 - John R. Hicks, Kenneth J. Arrow
1971 - Simon Kuznets
1970 - Paul A. Samuelson
1969 - Ragnar Frisch, Jan Tinbergen
--
Cliff

 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Clif » Sun, 30 Aug 2009 19:33:54


Quote:

>"Proctologically Violated "  wrote :
>:
>: You keep harping on the Nobel thing...  It dudn't matter what you call it.
>: It is a prestigious award, with substantial remuneration, for bullshit
>: mathematics applied incorrectly.
>:
>: Call the award what you want.  I think, and Taleb thinks it should not be
>: awarded at all.  I also think past awards should be rescinded, and the money
>: returned.
>:

>Amen.
>And that goes double for Al Gore's award for his bullshit

  Found any global cooling yet?

Quote:
>Art

--
Cliff
 
 
 

Ping Unka et al: Scrapping the Economics Nobel Prize

Post by Proctologically Violate » Sun, 30 Aug 2009 22:57:55




Quote:
> On Sat, 29 Aug 2009 00:12:09 -0400, "Proctologically Violated "

> <snip>
>>So then how do you explain that economics Nobeliers Merton and Scholes,
>>who
>>pretty much invented options pricing, went bankrupt in their hedge funds?
>>goodgawd....
> <snip>
> While some of the basic assumptions used by Black-Merton-Scholes
> do not appear to be empirically correct when checked against the
> available data, such as their use of the Normal/Gaussian
> distribution rather than the Cauchy or other l-normal
> distribution with "fat" tails, this does not appear to be the
> foundational problem that brought LTCM down.
> http://www.FoundCollection.com/:Cauchy_distribution_cdf.png
> http://www.FoundCollection.com/

> The information I have available indicates that the LTCM hedge
> fund traders got greedy, and ignored even the BMS model.  Several
> other computer "models" were used that gave the "right" answers,
> i.e. said it was ok to do what the traders were doing.
> Additionally, LTCM was grossly overleverged to goose returns.

> The entire problem was exacerbated by the owner/manager of the
> LTCM hedge fund who was known to play the angles and cut the
> corners"

> "John Meriwether headed Salomon Brothers' bond trading desk until
> he was forced to resign in 1991 when his top bond trader, Paul
> Mozer, admitted to falsifying bids on U.S. Treasury auctions.
> Because Salomon was the largest bidder on treasury bonds at
> auction, the Treasury department feared that Salomon would be
> able to take a strategic position on the bonds in order to
> influence the price.  As such, Salomon (or any single bidder) was
> restricted from purchasing more than 35% of the bonds sold at any
> auction. Mozer circumvented this limitation by making fraudulent
> bids on behalf of Salomon clients and then transferring the bonds
> to Salomon's accounts following the transaction. The revelation
> of this scandal depressed the company's share price and drove
> investor Warren Buffett to sack its chief executive officer, John
> Gutfreund. Though Meriwether was not directly implicated, calls
> for his ousting rose within the company and he resigned before he
> was to be let go.

> In 1993 he announced that he would launch a hedge fund called
> Long-Term Capital.  Meriwether used his well-established
> reputation to recruit several Salomon bond traders and some
> brilliant mathematicians. He also recruited two future Nobel
> Prize winners, Myron Scholes and Robert C. Merton, both of whom
> worked in Salomon Brothers' fixed income trading department."

> see
> http://www.FoundCollection.com/:_The_Rise_and_Fall_of...
> http://www.FoundCollection.com/

> What is amazing is that the regulators [Greenspan] and other
> financial institutions seem to have learned nothing from this
> debacle.

Excellent reply.

So it seems that even if economists DID know what they were talking about,
we are STILL ***ed!

That's like having an ocean liner, correctly designed, enough bilge pumps of
the right horsepower, etc, etc, but with just too many mutha***as running
around in the hull space with Bosch carbide drills, drilling holes like
crazy.

And no high-water alarm system.
Oh yeah, and no life boats.
Well, life-boats for the mutha***as drilling the holes, apparently.
--

Mr. PV'd

Mae West (yer fav CongressShill) to the Gangster (yer fav Lobbyist):
     Hey, Big Boy, is that a wad (of cash) in yer pocket, or are you just
glad to see me??

Experiment on Homo Sapiens -- CEOs, Lawyers, and Politicians,  in
particular.
Spare the animals.

Click here every day to feed an animal that needs you today.
www.theanimalrescuesite.com/

- Show quoted text -

Quote:

> Unka' George [George McDuffee]
> -------------------------------------------
> He that will not apply new remedies,
> must expect new evils:
> for Time is the greatest innovator: and
> if Time, of course, alter things to the worse,
> and wisdom and counsel shall not alter them to the better,
> what shall be the end?

> Francis Bacon (1561-1626), English philosopher, essayist, statesman.
> Essays, "Of Innovations" (1597-1625).