Winner's curse arises in cases where several bidders in an auction are unaware of the true value of the object. In this auction, the most optimistic of the bidders will bid the most for the object.
As we enter the recruiting season for both new MA and PHD students and recruiting new faculty, it is useful to collect some facts about where USC Economics ranks. I find that vanilla rankings such as US News and World Report are backwards looking and based on outdated information.
The NY Times has published a very interesting piece on the unintended consequences of Clean Air regulation in China. The piece makes some excellent points and then at the end of the piece it takes a punch at the autocratic state. Permit me to make some economics points that build on the piece.
Roughly 15,000+ economists are trying to get to Philadelphia today for the annual ASSA meetings. In a typical year, I greatly enjoy the meetings. It is a place to see old friends, mentors, past students, co-authors and to attend sessions, meet with book editors and talk about economics.
