Context: I will use this meme for an exercise in a bachelor-level course on sequential games to illustrate how this type of game can lead to pareto-inferior outcomes.
Grüsch dich Meiner!
Welcome to my webpage. This page will help you get to know me better:
- What work pays my bills? (see About)
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- My heartfelt project and my book reviews (see Money Talks)
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Bernie Meme: Is playing Powerball really worth it?
Context: I used this meme as an engaging opener for a bachelor-level microeconomics exercise on decision-making under uncertainty and risk. In that session, I explained the fundamentals of expected utility theory. Among other things, the students were asked to calculate the fair price of a German lottery ticket (6aus49). Since the German Lotto is comparable to Powerball, I’ve adjusted the meme slightly for my U.S. audience. 😉
Review: Money Magic
von Laurence J. Kotlikoff
“I once asked a roomful of economists—all of whom were gathered to discuss household personal finance—to answer, on the fly, the consumption-smoothing question for a hypothetical forty-year-old. I gave them the pertinent information and watched their faces. They weren’t happy. They knew they were about to produce a very wrong answer. Right then and there, they seemed to realize that even financially literate people like themselves couldn’t make proper financial decisions via introspection.” (p. 6)
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