
[quote user="ToxicAssets"] [quote] I see strawberry and chocolate ice cream at the store. It's uncertain how good each of them will taste. I decide on the strawberry ice cream. Where is the mathematical expectation here???[/quote] The fact that you can create a useful mathematical model to describe the movement of the Moon around the Earth

[quote user="Student"] Does anyone have any opinions about Niall Ferguson? I've always liked the guy. I find his popular writings very accessible and ussually informative. But I think his feelings on empire may not sit well with a libertarian crowd. What do you lot think? [/quote] I only know his BBC show on the history of money and finance

[quote user="Malachi"] [quote user="ToxicAssets"] [quote user="Malachi"] [quote]It is the mathematical expectation of the UTILITY FUNCTION of the returns.[/quote] how do you derive a mathematical expectation from a utility function? [/quote] "do you even know what mathematical expectation is?"  Malachi [/quote

[quote] I see strawberry and chocolate ice cream at the store. It's uncertain how good each of them will taste. I decide on the strawberry ice cream. Where is the mathematical expectation here???[/quote] The fact that you can create a useful mathematical model to describe the movement of the Moon around the Earth doesn't mean that the Moon is

High fecundity rates among poor people do not increase poverty, because poverty is not a genetic condition. This is a myth, one with racist undertones. On the contrary, if the average poor children is expected to contribute more wealth to their families in the long run than the wealth she consumed when she was too young too work, having children turns

@Wheylous Yes, that's correct for the case where your random payoff takes only two values. As I've stated above, this is not an explanation of the internal cognitive process of a decision taker. It is rather a stylized model that is consistent with certain profiles of reveled preferences in rational decision taking. And the same goes for fuzzy

[quote user="Malachi"] [quote]It is the mathematical expectation of the UTILITY FUNCTION of the returns.[/quote] how do you derive a mathematical expectation from a utility function? [/quote] "do you even know what mathematical expectation is?"  Malachi

@Student First of all, we don't have fixed uses for money. The opportunities we have for investing any income we have change with time, so it's natural that our perception of utility of income adapts to these changing conditions. But what is important to keep in mind is that the concept of utility function optimization is a very stylized model

[quote] The OECD countries certainly don't all align on a straight line, but it still does appear that as countries move up in migration rate they also tend to move up in inequality. I've made this additional drawing showing this tendency, and also how the majority of OECD countries form a cluster in an area of low migration and low inequality

Your research looks cool. I don't think I can see clearly the positive correlation just looking at the data, do you have a plot showing the correlation? And how's that possible to have negative number of migrants per 1000 pop? There's a data point below zero. edit: I see you are considering net migration rates, immigrants to X country less