« Gratitude tips | Main | Water transport and economic development »
Underappreciated economists: a continuing series
Today I will pick E. Glen Weyl, a mere Youngling, who is studying at Princeton University. Here is his paper on neural networks, and the abstract:
I consider a potential neural basis of overconfidence, the well-documented tendency of individuals to overestimate the precision of their predictions. I present a simple, classic connectionist model for predicting a binary variable. I show that while the network initially makes weak predictions (in the middle of the probability range) regardless of input, after observing randomly generated data it learns to be overconfident in the sense that when presented with other, unrelated random data it makes strong predictions. The model matches behavioral data in that it shows overconfidence growing with experience and then, eventually, declining. The model shows how overconfidence, far from being a surprising fallacy, can be seen as a natural outgrowth of statistical over-fitting in the brain.
Glen probably won't be underappreciated for long. Here is his seminal paper on two-sided markets (e.g., Match.com). There is already talk he will be a leading economist of the next generation.
Here is Glen's home page, and his other papers.
Here is Dave Warsh on Weyl. Here is an article full of praise. (He's already looking non-underappreciated; note the CV, A.B. 2007, Ph.d. expected 2008.) Here is Glen's commencement address. Here is Glen's fight against protectionism. Here are Glen's film reviews. Here is Glen's dining guide for Princeton cuisine (hmm...).
I very much liked Glen's paper on Simon Kuznets: Economist of the Russian Jewish Diaspora.
Here is Glen's muse, Alisha Holland. Here is Glen's path to Unitarianism.
Let us all be grateful for people like Glen Weyl.
Posted by Tyler Cowen on July 28, 2007 at 07:17 AM in Economics | Permalink
Comments
How about turning Andrew into his peer?
Posted by: Ken Houghton at Jul 28, 2007 9:45:01 AM
So, judging from his paper and his talk about unitarianism, apparently he's good at economics but bad at physics?
Posted by: J. at Jul 28, 2007 9:54:40 AM
When you list Tirole and Shleifer as references, you are not underappreciated.
Posted by: JD at Jul 28, 2007 10:11:06 AM
Wow, his "path to unitarianism" lecture is stupid. If a genius kid born to an atheist family can get caught up in theological hooey, there's no hope for us.
Posted by: j at Jul 28, 2007 10:58:10 AM
Anybody who can write a dining guide to Princeton must be a skilled data miner.
Posted by: Gabriel Rossman at Jul 28, 2007 11:44:26 AM
I am missing the "under-appeciated" part. He is under-appreciated in the same sense that Steve Levitt is a "rogue" economist, which is to say, not at all.
Princeton's program turned my star undergraduate from Maryland from a labor economist into a finance guy. Seems they are doing better with this one.
I suspect it is because I hang out in universities, but most of the fundamentalists I know are athiests.
Posted by: Jeff Smith at Jul 28, 2007 12:11:37 PM
j, your comment is stupid. his story for the universe is a private sentiment that informs his life. you have one too, it's just not the same as his. stop with the evangelicism.
Posted by: Samson at Jul 28, 2007 1:52:34 PM
his story for the universe is a private sentiment that informs his life.
If it's posted on his website, it's not a "private sentiment". And if he's going to be an academic, he's going to have get used to people pointing out when his ideas are stupid.
And, just to reiterate, his "path to Unitarianism" contains so much anti-reason that I don't feel the slightest bit bad about calling it "stupid". You'd hope someone couldn't get as far in economics as he has without understanding spontaneous order, but his stupid essay (by the way, did I mention that the essay is stupid?) seems in large part premised on ignorance (or, worse, possibly even denial) of the concept.
Posted by: j at Jul 28, 2007 5:49:57 PM
First, thanks so much to Tyler Cowen for this very kind write up! Second, my statement on Unitarianism reflects some ideas of mine when I was 17 years old. I put it up on my website without much thought, but I have now taken it down. It does not represent a careful considered piece of philosophic or religious thought. It is really just the musings of a seventeen year old kid. I hope people will not judge them too harshly in that context, especially given that I have now taken them down.
Thanks again,
Glen
Posted by: Glen Weyl at Jul 28, 2007 6:17:01 PM
A classy response from Glen Weyl. We could all learn from that.
Posted by: PEmberton at Jul 28, 2007 8:52:29 PM
Glen,
If you sup with Oxfam (Princeton Fair Trade), I hope you will take a long spoon.
BTW, I also hope you will put your statement on Unitarian-
ism back up even if I disagree with every word of it.
Posted by: Ian Maitland at Jul 28, 2007 8:55:30 PM
I actually prefer all documents ever produced by an individual to be public. However, they should be classified as "redundant ramblings" -- for sure most of what we produce in our life falls into that category.
Posted by: RRE at Jul 28, 2007 9:32:19 PM
Bravo to Glen...thanks for your response...
Posted by: Tyler Cowen at Jul 28, 2007 9:47:40 PM
Underappreciated economists
Being selected as valedictorian at Princeton is a sure sign of being underappreciated. One of those perverse Ivy League things.
Posted by: Kieran at Jul 28, 2007 11:29:21 PM
What’s the matter with you people?!? Stop justifying your jealousy with intentional autism: “Underappreciated “ in this context means he is not known to the broad economic community in relation to his skills. I certainly had not heard about him, and I bet neither had most of the commentators above.
Cowen uses “underappreciated economist” as a broad heading, where he can both include known but underestimated guys, or new rising stars.
So what exactly is the problem with Cowen choosing this guy as his latest underappreciated economist? This one seems brilliant, and now more people will know about him. Exactly how the heading should be used, to inform readers about interesting people, research etc.
I am sure all of the resentful posters wrote much better philosophical/theological papers when they were 17…
Ps.
Weyl should be very careful about using confidence intervals as an instrument for overconfidence. People tend to *know* to a large extent they are missing the intervals, only part of it is actual overconfidence. A more reasonable explanation is that we are just too used to point estimates.
“Confidence interval estimation tasks and the economics of overconfidence”
http://ideas.repec.org/a/eee/jeborg/v61y2006i3p453-470.html
Posted by: Tino at Jul 29, 2007 11:07:19 AM
Let us hope Glen continues to use his powers for good! An evil economist of such brilliance could do some real damage ;-)
Reading about Glen reminds me of Stephen Wolfram, and makes me wonder: how frequent / common are such exceptionally young PhDs? A couple in every generation? Or is this a far more frequent phenomenon, but with most of these talented young scholars fading away soon after?
Posted by: Gautam Rao at Jul 29, 2007 2:50:20 PM
Tino, I think in career terms "Rising star" is quite a different phenomenon from "Underappreciated."
I liked your "PS" though: "You people are all just jealous cos he's brilliant! PS Here is a mistake he might be making." Very Bourdieuian.
Posted by: Kieran at Jul 29, 2007 4:18:10 PM
Kieran:
1. Cowens headline is ”Underappreciated economists: a continuing series”.
Did you catch the part about “continuing series”?
There is obviously a trade-off between general applicability and descriptive power in each specific case. I guess he could develop twenty different categories: known but underappreciated, unknown and underappreciated, rising stars, fallen stars rerising, famous, stellar and still underappreciated etc.
Or he could use one category, relying on his readers to understand the context.
Anyway, underappreciated does not mean starving, or that Tyler Cowen has to have dug him up in some Mexican village. This guy is appreciated among those who know him, Cowen is suggesting
he is not yet appriciated relative to his brilliance amoung the broad economic community.
You are free to argue against this if you have any worthwile input. The fact that he
was a valedictorian is hardly relevant, unless you think all Ivy Leauge valedictorian
become luminous researchers within four years.
2. This is how economics works, people write working papers, other’s give tips and suggestions. Nothing else would work in such an immensely wide field. It has nothing to do with the writers or input givers brilliance or lack thereof.
Your interpretation indicates either you are not an academic economist, or at least not a particularly good one.
Posted by: Tino at Jul 29, 2007 7:23:34 PM
“Whose Rights? A Critique of Individualism in the Theory of Rights”
Uh oh...
Posted by: Student at Jul 30, 2007 9:18:12 PM
I feel like "Who's Next in Economics" or something like that would be a much better title for these posts.
Posted by: Jar Jar Binks at Jul 31, 2007 10:12:42 AM
Tino writes,
"This is how economics works, people write working papers, other’s give tips and suggestions. Nothing else would work in such an immensely wide field. It has nothing to do with the writers or input givers brilliance or lack thereof.
Your interpretation indicates either you are not an academic economist, or at least not a particularly good one."
Yeah, you're right, people write papers and others comment on them. But the fact that you felt the need to "give tips and suggestions" via the comments section on a blog belonging neither to yourself nor the recipient of your pearls of wisdom points to a need to appear smart in the eyes of others, rather than a genuine desire to improve the work you are criticizing. Not very impressive and certainly transparent.
Posted by: varnson at Jul 31, 2007 11:33:44 PM
But Tino does "appear smart in the eyes of many", so his blog comment strategy must be working.
Posted by: srp at Aug 2, 2007 11:37:38 PM
哈根达斯月饼:A哈根达斯B哈根达斯C哈根达斯D哈根达斯E哈根达斯F哈根达斯G哈根达斯抵用券H哈根达斯哈根达斯月饼克莉丝汀月饼荣华月饼美心月饼星巴克月饼杏花楼月饼哈根达斯月饼 哈根达斯月饼 哈根达斯月饼 哈根达斯月饼 荣华月饼|美心月饼|星巴克月饼 荣华月饼|美心月饼|星巴克月饼
Posted by: alan at Aug 3, 2007 12:02:10 PM
Does he? Really!?
Posted by: varnson at Aug 3, 2007 8:27:30 PM
Does he? Really!?
Posted by: varnson at Aug 3, 2007 8:27:47 PM
