Leaving the office earlier, I was totally rested through the rest of the day. My son texted me to tell he would stay on campus this weekend to study. He assessed that Statistics 311 wasn't very difficult after taking the class for two days but tons of homework had been assigned. I had noticed hundreds of problems being printed at the end of each chapter in his textbook, which indicated that this class would require a lot of practices. I texted back to my son to tell him that it's a good chance to force him to foster a lifetime behavior to deal with computational sciences.
Going to gym to work out, I stopped at Walgreens to buy two drinks. The saleslady asked me to put my cell number in to have my record retrieved, it didn't work. Then, she asked me to put into home phone number, it's so hilarious that I totally forgot the last four digits, which had been implanted into my mind for a long time. Eventually, I had to pull it from my cell number because my dad called me yesterday to ask me what time I would go home to have dinner because I worked late. Dealing with numbers too much in the last couple of days might drive me losing the memory of my home phone number at that moment.
I read the Introduction of Economics Rules - The Rights and Wrongs of the Dismal Science - The Use and Misuse of Economic Ideas. The author used three examples to prove the importances of modeling: Formation of Global Financial Systems in Bretton Woods in 1944; Congestion pricings was implemented in Singapore in 1975 and Welfare was reformed in Mexico in recent history. These examples also support author's insights on why specific models should be built to have specific issues resolved.
I also read a third of Chapter One - What Models Do, will finish it at night on Wednesday. What I picked up from this chapter so far is that models significantly help the people make the right decisions. Three useful models are referred:
- Demand & Supply model is applied to the perfect competitions with numerous participants in the markets;
- Prisoners' dilemma model is applied to oligopoly, it is my interpretation;
- Coordination Model is applied to horizontal collaborations, it's my interpretation too.
Ok, taking a morning shower, I am going to work.
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