Sunday, 3 January 2010

Economists are "cheapskates"

This WSJ article hits the nail on the head. Economists are notoriously tight fisted and are well known for being the academics who give the least to charity. Using economics undergraduates in "experimental economics" is also flawed due to the indoctrination that the suffer at the hands of academics such as myself.

It is interesting that the US AEA conference is held in the first month of the year when business could not be any slower thus keeping hotel prices down.


I like this quote:

In questioning after the experiment, the sociologists found that for many of the economics students, the concept of investing fairly "was somewhat alien."

In China the propensity to gve "gifts" to visitors in inefficient. I wonder if things will change as the country develops.

Secrets of the Economist's Trade: First, Purchase a Piggy Bank [WSJ]

Academic economists gather in Atlanta this weekend for their annual meetings, always held the first weekend after New Year's Day. That's not only because it coincides with holidays at most universities. A post-holiday lull in business travel also puts hotel rates near the lowest point of the year.

Economists are often cheapskates.



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Ronan L said...

Unfortunately I can't locate the source now, but I read somewhere a couple of months ago that the local prostitutes report AEA week as one of the slowest of the year!

So at least one of the two following attributes applies: tight-fisted, boring!