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Category: Terms and Concepts

Shakespeare’s Nightmare: Monkeys on Typewriters

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Will infinite monkeys randomly pushing buttons on infinite typewriters create all of Shakespeare’s books? That is the question.

The Law of Large Numbers

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Law of Large Numbers (LLN) states that as the number of observations of an event increases, the observed probability approaches to the expected value.

Rational Preferences

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An agent has rational preferences if her preferences fulfill two properties, that they are complete and that they are also transitive.

Beggar Thy Neighbor Policy

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Beggar thy neighbor policy is an economic policy which aims to boost the economy of a country, while worsening the economic conditions for another country.

Autarky

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Autarky refers to the state where the country has no trade with any other country. It is a closed economy.

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
  • Adam Smith
  • 20:20 ratio
  • law of small numbers
  • the halo effect
  • wealth inequality
  • income inequality
  • Law of Large Numbers
  • Dow Jones Industrial Average
  • status quo bias
  • Behavioral Economics
  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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