Weekly Top 5 Papers – February 7, 2014

1. A Brief Introduction to the Basics of Game Theory
by Matthew Jackson (Stanford University – Department of Economics)

2. HarvardX and MITx: The First Year of Open Online Courses, Fall 2012-Summer 2013 by Andrew Dean Ho (Harvard University) and Justin Reich (Harvard University – HarvardX) and Sergiy O Nesterko (Harvard University – HarvardX) and Daniel Thomas Seaton (Massachusetts Institute of Technology (MIT) – Office of Digital Learning) and Tommy Mullaney (Harvard University – HarvardX) and Jim Waldo (Harvard University) and Isaac Chuang (Massachusetts Institute of Technology (MIT) – Office of Digital Learning)

3. A Quantitative Approach to Tactical Asset Allocation
by Mebane T. Faber (Cambria Investment Management)

4. Arthur Wilmarth
by Citigroup: A Case Study in Managerial and Regulatory Failures (George Washington University Law School)

My motivation for reviewing Citigroup’s history was to perform a natural experiment on the question of whether supporters or critics proved to be more accurate in their predictions about the likely trajectory of Citigroup. Advocates for Citigroup and GLBA argued that Citigroup and other “universal banks” would produce significant public benefits by diversifying their risks, building greater resilience against financial shocks, and offering more convenience to customers through “one-stop shopping.” Opponents of Citigroup and GLBA maintained that universal banks would promote an unhealthy consolidation of the financial industry, thereby aggravating the TBTF problem and intensifying systemic risk within U.S. financial markets. Some critics predicted that the new universal banks would pursue high-risk activities and exhibit conflicts of interest similar to those that characterized financial conglomerates during the 1920s (including National City Bank, Citigroup’s direct ancestor).  –Arthur Wilmarth

5. Dan Kahan
by Vaccine Risk Perceptions and Ad Hoc Risk Communication: An Empirical Assessment (Yale University – Law School)

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