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substack.com

Substack is a media platform for video, writing, podcasts, and creator-centered communities, all powered by subscriptions.

marginalrevolution.com

Small Steps Toward A Much Better World

arxiv.org

A system of non-tradable credits that flow between individuals like karma, hence proposed under that name, is a mechanism for repeated resource allocation that comes with attractive efficiency and fairness properties, in theory. In this study, we test karma in an online experiment in which human subjects repeatedly compete for a resource with time-varying and stochastic individual preferences or urgency to acquire the resource. We confirm that karma has significant and sustained welfare benefits even in a population with no prior training. We identify mechanism usage in contexts with sporadic high urgency, more so than with frequent moderate urgency, and implemented as a simple (binary) karma bidding scheme as particularly effective for welfare improvements: relatively larger aggregate efficiency gains are realized that are (almost) Pareto superior. These findings provide guidance for further testing and for future implementation plans of such mechanisms in the real world.

theatlantic.com

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bloomberg.com

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wsj.com

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cnn.com

As US travelers gear up for Memorial Day, one question is on many people’s minds: Is it safe to fly right now? In the wake of frightening headlines about plane crashes and communication issues, Pete Muntean shares some insights. He’s CNN’s aviation and transportation correspondent – and a pilot himself.

drudgereport.com

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nature.com

Nature is the foremost international weekly scientific journal in the world and is the flagship journal for Nature Portfolio. It publishes the finest ...