Rationality in Economics: How to Understand It Ashley Hodgson 2024-10-28 | This video explains the way mature economists use the term “rationality”, which is not the way it is used in everyday language.
Is It Useful to Think Ambiguously in Economics? Ashley Hodgson 2024-09-18 | Given that I make the case in my mature economics series that you should learn to think ambiguously, is it useful?
Competition and Cooperation: Is one good and the other bad? Ashley Hodgson 2024-09-11 | This video looks at competition & cooperation & explains ways that each can be good and each can be bad. Video on the multi-player prisoner’s dilemma: youtu.be/WoJQhnn9p6U
Competition and Cooperation: They Cohere / Non-Opposite Opposites Ashley Hodgson 2024-09-04 | This video explains how competition & cooperation are enmeshed by using the Battle of the Sexes and Prisoner’s Dilemma as examples.
Self Interest in Economics: Do Economists Think People are Selfish? Ashley Hodgson 2024-08-28 | This video explains a more mature way of viewing self interest in economics. This is part of my "Mature Economics" video series.
Mature Economics: Introduction to Video Series Ashley Hodgson 2024-08-26 | This video explains how to think about developing a mature understanding of the economics toolset in a way that will help you develop your own unique brand of thought. Here is a (higher quality) video on my other channel that goes over the same stuff from this video: youtu.be/MszL1m07w4o
Economics as the Study of Scarce Resources Ashley Hodgson 2024-03-06 | This video explains why many economists define our domain of study as “the study of scarce resources”.
Upstream vs. Downstream Firms Ashley Hodgson 2024-02-28 | This video explains the difference between upstream and downstream firms in economics. These terms are often used when describing firm mergers.
Economics: A Toolset of Concepts or an Object of Study? Ashley Hodgson 2024-02-21 | This video looks at the field of economics from two different lenses: (a) the toolset / lens of the microscope and (b) the object of study (“the economy” / scarce resources).
Evolutionarily Unstable Nash Equilibrium Ashley Hodgson 2024-02-14 | This video explains how to figure out whether a mixed strategy Nash equilibrium is stable or unstable. This example is unstable.
Solving for Mixed Strategies Nash Equilibrium (Example) Ashley Hodgson 2024-02-07 | This video goes through an example of solving for mixed strategies Nash equilibrium. This example goes along with my video on evolutionarily stable Nash equilibrium:
Evolutionarily Stable Nash Equilibrium (vs. Unstable) Ashley Hodgson 2024-02-02 | This video explains what evolutionarily stable Nash equilibrium are, and goes through an example of testing for stability. Video solving the mixed strategies Nash problem in this video: youtu.be/xBj4UeLXt3wVideo on the Game of Chicken: youtu.be/Q1DVAFRuAtI
Nash Equilibrium with Multiple Strategies Ashley Hodgson 2024-01-24 | I go through a Nash equilibrium problem where each player has 4 strategies.
Nash Equilibrium with 3 Players Ashley Hodgson 2024-01-17 | I show you how to find the Nash equilibrium in a 3-player game.
Technological Externality Model Ashley Hodgson 2023-12-06 | This video explains why a market for technologies can have positive externalities for people who inherit those technologies down the road.
Price Discrimination Through Waiting Ashley Hodgson 2023-11-29 | This video explains how firms price discriminate by causing lower-tier customers to wait.
The Lerner Index in Monopoly Economics Ashley Hodgson 2023-11-22 | This video explains the Lerner Index in the economics of monopolies.
Cost-Effectiveness vs. Cost-Efficacy in Healthcare Economics Ashley Hodgson 2023-11-15 | This video explains the difference between cost-efficacy and cost-effectiveness in healthcare economics and healthcare systems policymaking.
Why do economists use elasticity instead of slope? Ashley Hodgson 2023-11-08 | This video explains why economists prefer to use elasticity rather than slope when describing the shapes of curves, including demand curves.
Income Elasticity of Demand vs. Regular Elasticity of Demand Ashley Hodgson 2023-11-01 | This video explains the difference between income elasticity of demand and regular elasticity of demand.
Cross-Price Elasticity vs. Elasticity of Demand Ashley Hodgson 2023-10-25 | This video explains the difference between cross-price elasticity and elasticity of demand. I explain how cross-price elasticity relates to substitutes and compliments.
Elasticity in Economics Ashley Hodgson 2023-10-18 | This video explains elasticity in economics as % change in dependent variable divided by % change in independent variable.
Symboling in Institutional Economics Ashley Hodgson 2023-10-11 | This video explains the use of symbols in institutions and the natural process of integrating new symbols as institutions evolve.
Prescriptive vs. Proscriptive Rules Ashley Hodgson 2023-10-04 | This video explains the difference between prescriptive rules and proscriptive rules.
Common Property vs. Public Property vs. Open Access Property Ashley Hodgson 2023-09-27 | This video explains the difference between common property, public property, and open access property in Institutional Economics.
Externality vs Externalization of Harm Ashley Hodgson 2023-09-20 | This video explains the subtle difference between an externality in economics and the strategic concept of externalization of harm. Strategic behavior is not necessarily deliberative.
Transaction Costs Ashley Hodgson 2023-09-13 | This video explains what transaction costs are. These relate to the costs of entering into contracts and enforcing those contracts.
Property Rights: Definitions & Traits | Inalienability, divisibility, etc Ashley Hodgson 2023-09-06 | This video explains property rights in the context of institutions. I go over traits of property rights including alienability / transferability, divisibility, security of trespass / exclusion costs, credibility of persistence and clarity of allocation. References for property right definitions: Harris, C., Cai, M., Murtazashvili, I., & Murtazashvili, J. B. (2020). The origins and consequences of property rights: Austrian, public choice, and institutional economics perspectives. Cambridge University Press.Kasper, W., Streit, M. E., & Boettke, P. J. (2012). Institutional economics: Property, competition, policies. Edward Elgar Publishing.
Technical efficiency vs. economic efficiency vs. dynamic efficiency Ashley Hodgson 2023-08-29 | I explain three different types of efficiency in institutional economics.
Announcement: Mini Course on Economic Modelling Ashley Hodgson 2023-08-22 | Link to my mini course on economic modelling: ashley-s-site-9d78.thinkific.com/courses/your-first-course The course can be completed in a weekend.
Information Paradox in Economics Ashley Hodgson 2023-08-09 | This video explains the information paradox in economics, which is basically that you cannot know the value of information until after you have paid the cost (effort cost, money cost, etc) to attain that information.
Organizations vs. Institutions: What’s the difference? Ashley Hodgson 2023-08-02 | I explain the difference between organizations and institutions, under the Institutional Economics framework.
Search Costs in Institutional Economics Ashley Hodgson 2023-07-26 | Why do search costs matter for institutional economics? This video explores why economic organizations and institutions have a lot to do with search costs.
Search Costs in Economics Ashley Hodgson 2023-07-19 | This video explains what search costs are and it explains search theory in the field of economics.
Internal Institutions vs. External Institutions Ashley Hodgson 2023-07-12 | This video explains the difference between internal institutions and external institutions in institutional economics.
What is institutional economics? Ashley Hodgson 2023-07-05 | This video explains what the field of institutional economics is.
Definition of Institutions in Economics Ashley Hodgson 2023-06-28 | This video explains how economists think about institutions and their function in the economy.The source that helped me for this series is Institutional Economics: Property, Competition, Policies by Wolfgang Kasper, Manfred E. Streit, and Peter J. Boettke. amzn.to/4bZG9tc (Affiliate link)
Nash Equilibrium in 5 Minutes Ashley Hodgson 2023-06-21 | This video explains how to solve for Nash Equilibrium in five minutes.
The Principal-Agent Problem Ashley Hodgson 2023-06-14 | This video explains the Principal-Agent problem.
Market Failures in Economics Ashley Hodgson 2023-06-07 | This video goes through some classic market failures in economics: imperfect information, imperfect competition, public goods, the tragedy of the commons, externalities, the Matthew Principle and inequality. Videos I reference here include: Adverse Selection vs. Moral Hazard - youtu.be/Nm0wV0CenWY The Matthew Principle - youtu.be/BfjEZ5Gljvg
Metcalf’s Law in Network Economics Ashley Hodgson 2023-06-02 | This video explains Metcalf’s Law, which says that as the number of nodes in a network grow, the number of connections between nodes grows exponentially.
The Matthew Principle in Economics | How Systems Produce Inequality Ashley Hodgson 2023-05-24 | This video explains the Matthew Principle, which captures “power to the powerful” and “wealth to the wealthy”. It explains how systems devolve toward inequality over time.
Optimization as a Methodological Stance in Economics Ashley Hodgson 2023-05-17 | This video explains why economists view the world as “everybody optimizes all of the time”. That seems like a weird view on human behavior until you understand what economists are doing with this.Link to my course on microeconomic modelling: ashley-s-site-9d78.thinkific.com/courses/your-first-course
Crowd Out in Economics Ashley Hodgson 2023-05-10 | This video explains crowd out. I cover crowd out of private markets by government, and also crowd out of intrinsic incentives by extrinsic incentives.
The Common Pool Resource Dilemma: Nested Collective Action Problems | from Elinor Ostrom Ashley Hodgson 2023-05-03 | This video goes through the three problems that groups need to overcome if they want to create institutions to govern a common space: the supply problem, the commitment problem and the enforcement problem. I explain how each of these is its own collective action problem.
Elinor Ostrom’s Design Principles for Institutions Ashley Hodgson 2023-04-26 | I explain Elinor Ostrom’s seven principles for designing institutions that are community-run. The case studies she looks at are historical villages managing a common pool resource, such as a water source, a fishery, or a forest.
Elinor Ostrom’s Definition of Institutions | Nested Layers of Institutions Ashley Hodgson 2023-04-19 | I explain how Elinor Ostrom defines an institution in her book Governing the Commons: The Evolution of Institutions for Collective Action.
Elinor Ostrom: Governing the Commons Ashley Hodgson 2023-04-12 | This video introduces Elinor Ostrom’s book Governing the Commons. It is the first video in a series explaining the ideas in the book, including the game theory.
Zero Sum Games in Game Theory Ashley Hodgson 2023-04-05 | This video explains the classic Zero Sum Game in game theory.
Assurance Game / Stag-Hunt in Game Theory Ashley Hodgson 2023-03-29 | This video explains the classic Assurance Game, which is also referred to as the Stag-Hunt Game and captures team work vs. individual work in game theory. In this video, I list the criteria that makes a strategic game this type.
