How Games Shaped Probability, Strategy, and Economics

An excellent Economist’s Podcast that features Kelly Clancy—a neuroscientist, physicist, and author of Playing With Reality—discussing the profound impact of games on our lives and societal dynamics. Clancy emphasizes that games are a powerful form of learning, shaping how we think and interact with the world. Games like Chess, Go, Dice, and Cards introduced humanity to the concept of uncertainty, paving the way for probability theory (via Pascal and Fermat’s correspondence) and, subsequently, modern statistics. The episode also highlights the critical role of war games, such as Chess and Go, which evolved into more complex systems like Kriegsspiel. The latter was instrumental in training military officers and predicting battlefield outcomes, particularly during World War II. Clancy then connects this history to Game Theory, one of the most significant developments in economics, pioneered by John von Neumann. Game Theory has informed concepts like nuclear deterrence and continues to influence modern strategic thinking. However, it’s essential to complement it with insights from behavioral economics to understand human decision-making fully. The takeaway? Games are not just entertainment; they’re essential tools for education and skill-building. They can influence our behavior, shape our knowledge, and enhance problem-solving abilities. For instance, Miegakure (https://miegakure.com/) challenges players to solve problems in four dimensions—a fascinating way to expand your cognitive boundaries. All of this in just 38 minutes (at normal speed)—a fantastic return on your time! (revised by a LLM) The surprising ways in which games have changed the world—an interview with Kelly Clancy https://www.economist.com/podcasts/2024/11/27/the-surprising-ways-in-which-games-have-changed-the-world-an-interview-with-kelly-clancy

- Pedro

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How Machine Learning Is Revolutionizing Economic Thinking

A Sendhil Mullainathan delivered a fantastic keynote on Economics in the Age of Algorithms, a talk lasting approximately one hour (at normal speed). In it, he compellingly argues that algorithms (machine learning, AI, etc.) are, at their core, economics. Among the many fascinating topics he covered, I particularly enjoyed how he framed the difference between Estimation and Prediction. Estimation represents the traditional approach to tackling problems, while Prediction is the newer approach enabled by supervised learning (ML). In essence, estimation focuses on optimizing the estimated Beta, while prediction aims to optimize the estimated Y. Sophisticated algorithms that optimize Y (the prediction) are remarkably valuable for uncovering new and strikingly original hypotheses. However, economists (humans) play a crucial role in designing recommendations for payoffs and loss functions, ensuring that ML outputs are meaningful and actionable. Did this triggered your interest? Sit back, relax, and enjoy an hour of insights from one of the great economic minds! (text revised by a LLM) https://videosolutions.mediasite.com/Mediasite/Play/cb9d64c0274d4aae98b61dd6779791b31d?playfrom=970000

- Pedro

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An Hour with Mozart: Pure Musical Bliss

I highly recommend this masterful podcast about Mozart. The hour flies by in what feels like seconds, immersing you in a "flow" state that makes time vanish. When it ends, you’re left wishing it lasted three times longer. A significant part of the magic comes from the live performances by the Academy of St Martin in the Fields Orchestra, which elevate the experience to another level. I hope you enjoy it as much as I did! (text revised by a LLM) In 1756 a musical prodigy was born in Salzburg, Austria: Wolfgang Amadeus Mozart. Thanks to the efforts of his exacting father, Mozart's genius was exhibited and celebrated in some of the greatest courts of Europe from a young age. At four years old he wrote his first keyboard concerto, at six he was performing for the empress Maria Theresa. Soon he and his father were touring Europe, and the young Mozart's exploits proved increasingly lucrative for his overbearing parent. But, like all young men, Mozart was growing up and becoming increasingly uncontrollable. Feeling stifled and professionally frustrated, he began to disobey his wealthy patrons and went freelance, risking financial security and the favour of his family. Yet, it would also see him falling in love, and writing some of his most glorious works. Nevertheless, time and life was running out for the young composer, as he began to write the powerful Requiem, which may prove to be for his own death... Join Tom and Dominic at the Royal Albert Hall, featuring the Academy of St Martin in the Fields and the Philharmonia Chorus, conducted by Oliver Zeffman, they explore one of the most famous musical figures of all time: Mozart. What was the origin of his genius? What are the stories behind some of his most famous works, such as The Magic Flute and Don Giovanni? And, what is the truth behind his tragic and much mythologised death, young and penniless? https://podcasts.apple.com/es/podcast/the-rest-is-history/id1537788786?i=1000682044598

- Pedro

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10 Trends to Watch in 2025: Insights from Tom Standage

10 Trends to Watch in 2025, Inspired by Tom Standage’s Insights 1-America First Redux Geopolitical shifts will unfold as the U.S. doubles down on its "America First" policy. 2-A Call for Change Macro-political transformations are imminent, driven by demands for reform in nearly every major election of 2024. 3-Heightened Instability in Europe and the Middle East A transactional approach from the new U.S. administration could exacerbate tensions in these regions. 4-The Tariff Tsunami Expect more tariffs, with ripple effects on global trade and economic growth. 5-The Clean-Tech Boom China's advancements in clean technology could revolutionize the energy sector worldwide. 6-Inflation and Fiscal Tightening Most economies are gearing up for stricter fiscal policies, raising questions about growth and voter approval. 7-The Politics of Aging Could age limits for political leaders become a global trend? 8-AI Revolution Agentic AI systems are poised to become the most transformative innovation since the internet. 9-Tourism Backlash The pushback against overtourism will reshape the travel industry. 10-Expect the Unexpected From global pandemics to solar storms, the world must brace for unpredictable disruptions. Stay tuned for a deeper dive into each of these trends in the near future. (text revised by a LLM) Tom Standage’s ten trends to watch in 2025 https://www.economist.com/the-world-ahead/2024/11/18/tom-standages-ten-trends-to-watch-in-2025 From The Economist

- Pedro

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Starting a new book! Value First, Then Price: Building Value-Based Pricing Strategies by Andreas Hinterhuber (editor), Todd C Snelgrove (Editor)

Starting a new book! Value First, Then Price: Building Value-Based Pricing Strategies by Andreas Hinterhuber (editor), Todd C Snelgrove (Editor) "...Value-based pricing – pricing a product or service according to its value to the customer rather than its cost – is the most effective and profitable pricing strategy. Value First, Then Price is an innovative collection that proposes a quantitative methodology to value pricing and road-tests this methodology through a wide variety of real-life industrial and B2B cases. This book offers a state-of-the art and best practice overview of how leading companies quantify and document value to customers. In doing so, it provides students and researchers with a method by which to draw invaluable data-driven conclusions, and gives sales and marketing managers the theories and best practices they need to quantify the value of their products and services to industrial and B2B purchasers. The 2nd edition of this highly-regarded text has been updated in line with current research and practice, offering three new chapters covering new case studies and best practice examples of quantified value propositions, the future of value quantification, and value quantification for intangibles. With contributions from global industry experts this book combines cutting edge research on value quantification and value quantification capabilities with real-life, practical examples. It is essential reading for postgraduate students in Sales and Marketing with an interest in Pricing Strategy, sales and pricing specialists, as well as business strategists, in both research and practice. ..." https://www.goodreads.com/book/show/59858279-value-first-then-price?ac=1&from_search=true&qid=zhnvkchD61&rank=3

- Pedro

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The world ahead 2025 - Economist

The world ahead 2025 from the Economist. A must read, more on it in the near future. https://www.economist.com/topics/the-world-ahead-2025

- Pedro

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Finalized Win, Keep, Grow: How to Price and Package to Accelerate Your Subscription Business by Mark Stiving - My Book Rating - 4/5

Finalized Win, Keep, Grow: How to Price and Package to Accelerate Your Subscription Business by Mark Stiving My Book Rating - 4 / 5 (Qualitative - “Really Liked it”) BOP#2 - Book Club A concise and highly insightful book on thinking and managing subscription businesses. It offers numerous valuable insights that I’ll carry into my professional life—not only for subscription businesses but also for broader applications, such as Internal Transfer Pricing within Management Performance Systems. These concepts have direct relevance to various organizational areas. I plan to publish a more detailed review in the near future—or at least, I hope to! https://www.goodreads.com/review/show/7061305482

- Pedro

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