Today in Microeconomics class, we talked about Paul Sweezy's kinked-demand curve model. This gave me a huge headache and I'm still in a daze about it. We also covered Kournot's Oligopoly model, which I really liked!
Kournot's model on the behavior of Oligopolist fits in exactly with John Nash's concept of game theory. For which he won, and shared a Nobel prize with two other game theorists. Kournot had developed his model a hundred years before Nash was even born! He understood that each player in the market is doing the best they can, given that other players are doing the same.
(This is why his model lacked the explanation in the dynamics on how equilibrium is reached, but it just does.) It was Nash who formalized the idea and the set of techniques in strategic decision making; Game Theory.
John Nash was also a huge narcissist and in his Nobel speech prize, he talked mostly about his other works (which were really good by the way), for which he should have won another Nobel prize. He also didn't want Tom Cruise to act as him in The Beautiful Mind (a movie based on Nash's life), because he felt that Tom Cruise was too short! HAHA I literally LOL-ed in class... my Professor's really funny :D
my lunchbox ♡☑☑☑ (healthy food)
Okay back to studying now! #8-)
P.S. Danced much better in Ballet class today but sort of stumbled at the end because the footwork was really hard! I think my muscles are going to ache tomorrow ;) If I ever signed a contract with any ballet company I would clearly state: No left Fouettés (leg-whip-turns) because I suck at it.
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