In economic theory, the Wilson doctrine (or Wilson critique) stipulates that game theory should not rely excessively on common knowledge assumptions. Most prominently, it is interpreted as a request for institutional designs to be "detail-free". That is, mechanism designers should offer solutions that do not depend on market details (such as distributions or functional forms of payoff relevant signals) because they may be unknown to practitioners or are subject to intractable change. The name is due to Nobel laureate Robert Wilson, who argued: Game theory has a great advantage in explicitly analyzing the consequences of trading rules that presumably are really common knowledge; it is deficient to the extent it assumes other features to be common knowledge, such as one agent's probability assessment about another’s preferences or information. I foresee the progress of game theory as depending on successive reductions in the base of common knowledge required to conduct useful analyses of practical problems. Only by repeated weakening of common knowledge assumptions will the theory approximate reality. While the above quote is often seen as the Wilson doctrine, mechanism design researchers derive an insistence on detail-free mechanisms from it. For instance, Partha Dasgupta and Eric Maskin, as well as Mark Satterthwaite and Steven Williams, attribute this insistence to Wilson. This interpretation might also go back to another paper by Wilson in which he praises the double auction because it "does not rely on features of the agents' common knowledge, such as their probability assessment". While Wilson himself agrees with the spirit of demanding detail-free mechanisms, he is surprised to be credited for it. In line with the above quote, Dirk Bergemann and Stephen Morris see the doctrine as a reminder of John Harsanyi's insight that common knowledge assumptions can be made explicit (and then relaxed) by enriching the type space with beliefs. This interpretation gave rise to their notion of robust mechanism design. An alternative approach to robust mechanism design assumes non-probabilistic uncertainty. For instance, Gabriel Carroll has a series of papers in which the principal evaluates outcomes on a worst-case basis. (Wikipedia).
2. Utilities, Endowments, and Equilibrium
Financial Theory (ECON 251) This lecture explains what an economic model is, and why it allows for counterfactual reasoning and often yields paradoxical conclusions. Typically, equilibrium is defined as the solution to a system of simultaneous equations. The most important economic mode
From playlist Financial Theory with John Geanakoplos
Reactive Systems use a high-performance software architecture. They are resilient under stress, and their reactive design allows them to scale elastically to meet demand. The reactive design approach allows the creation of more complex, more flexible systems and forms the basis for some of
From playlist Software Engineering
Lecture 34, John Rawls, of UGS 303, Ideas of the Twentieth Century, University of Texas at Austin, Fall 2013
From playlist UT Austin: UGS 303 Political Philosophy - Ideas of the 20th Century | CosmoLearning.org Philosophy
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From playlist Faith and Globalization
Romanticism and the Concept of Genre
In this lecture, Dr Ross Wilson (University of Cambridge) explores the relationship between Romanticism and the concept of genre, focusing in particular on: (i) the view of writers such as Bryan Procter and William Wordsworth that genre was little more than ‘the capricious habits of former
From playlist English Literature
3. Locke: Equality, Freedom, Property and the Right to Dissent
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From playlist Foundations of Modern Social Theory with Iván Szelényi
Game theory (4), evolution and economics.
This video concludes by showing how the consideration of maximum fitness in biology has a direct analog with maximum fitness (i.e., profit or success) in economics. The best way of thinking about successful and high fitness strategies must always be done from the perspective of the individ
From playlist TAMU: Bio 312 - Evolution | CosmoLearning Biology
Jean-Jacques Rousseau's Philosophy
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From playlist Social & Political Philosophy
Banana Wars - US Marines Occupy Cuba, Haiti & Dominican Republic (Documentary)
Following the Spanish-American War, the United States foreign policy, under the influence of the Monroe Doctrine, intervened in several countries in Central America and the Caribbean. The United States Marine Corps was usually the military arm of these involvements as was the case in Cuba,
From playlist The Great War - 1921
Lecture 8, Progressivism, of UGS 303, Ideas of the Twentieth Century, at the University of Texas at Austin, Fall 2013
From playlist UT Austin: UGS 303 Political Philosophy - Ideas of the 20th Century | CosmoLearning.org Philosophy
Progressive Presidents: Crash Course US History #29
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From playlist US History
Woodrow Wilson: A World War and a League of Nations (1913 - 1921)
Woodrow Wilson was president during a time when a lot was changing in the world. World War I broke out, and as hard as he tried to keep America out of it, it was inevitable that it enter the action, only to emerge as the world's premiere superpower. Wilson had a lot of progressive views, a
From playlist American History
Contract Law 2 Intro Ricketts v Scothorn (foregoing employment)
Introduction to Contracts Ricketts v Scothorn (foregoing employment) To access case file, copy and paste link into browser - ianayres.com/sites/default/files/files/Ricketts%20v_%20Scothorn.docx These video lectures are taken from Prof. Ayres’ Coursera Courses: American Contract Law I &
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Depicting a view of the country prior to the outbreak.
From playlist Mega Playlist
Jack Rakove: “Why a Footnote (or, The Significance of Carolene Products)”
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From playlist Stanford Historian Jack Rakove: "The Constitution: A Brief History"
Presuppositionalism and Natural Theology: A Critical Analysis
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From playlist Philosophy
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From playlist Interviews and Talks