If you are interested in learning how the famous Coase theorem got its name, let me recommend the following paper by Stephen Medema, “A case of mistaken identity: George Stigler, ‘The problem of social cost,’ and the Coase theorem”. You can find an ungated version of Medema’s paper here: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1650649
A case of mistaken identity … Medema on Stigler on Coase
Model Thinking
prior probability has enrolled in Scott Page’s 10-week course on “Model Thinking” at Coursera … we really recommend his lectures on non-linear models and Markov processes … you can find the syllabus for the course here.
Visualizing ideas … images instead of words
This is prior probability‘s second blog post … we wanted our first post to be something visual because lawyers and law professors often tend to express our ideas solely in words, but sometimes, ideas can be communicated more directly and more powerfully through visual images. For example, prior probability is currently writing a paper in which we try to visualize the problem of “probabilistic proof” in law. See http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2271870
So what idea or ideas does the picture below convey?



