Monday, July 18, 2011

That Thing We Do

If you've ever wondered how seemingly complicated academic exercises such as economic theory (specifically mathematical auction theory) and experimental economics can play an important role in public policy towards the disadvantaged in society, you might be interested in this video by Prof. Peter Cramton of the University of Maryland on some appalling policy decisions by the people who run Medicare. Disclosure: I am one of the economists who signed the petitions mentioned in the video.

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