~marginalrevolution | Bookmarks (78)

Maybe so: We administer a Turing Test to AI Chatbots. We examine how Chatbots behave in a suite of classic behavioral games that are designed to elicit characteristics such as trust, fairness, risk-aversion, cooperation, \textit{etc.}, as well as how they respond to a traditional Big-5 psychological survey that measures personality traits. ChatGPT-4 exhibits behavioral and […] The post Are chatbots better than we are?...

Probably not forever, but we are living in strange times: Now the theory needs major revision. Political leaders still wish to manipulate economic variables in their favor, of course. But economies, as well as voters, are not going along — and so the standard mechanisms for political business cycle theory are broken… Under political business […] The post Political business cycle theory has been...

The negative AD shift comes from the Fed’s extreme tightening plus the phasing out of fiscal stimulus.  That might hurt housing markets the most, plus whatever consumers were wanting to spend their extra cash on (travel, restaurants?).  It should hurt a lot of service sectors with sticky nominal prices quite a bit.  And, we are […] The post What if you have a favorable...

I was wondering if you would consider writing a post about the German debt brake in light of recent developments? Personally, I am not a huge fan of discussions about fiscal policy (or even worse, austerity…), as I feel they are mostly Rorschach test without much deep thinking. But I did find the recent developments […] The post Kamil Kovar on the German debt...

He is starting a new podcast and I am perhaps the first episode?  There is video and text and audio.  Here is an excerpt: Lindsey: Did they recognize early on that you were different and that they had a job to do to push you, or no? Cowen: Well, my father thought I was weird, so he […] The post My podcast with Brink Lindsey appeared...