In this episode, we talk with Noam Yuchtman from the London School of Economics about his paper “Medieval Universities, Legal Institutions, and the Commercial Revolution,” which he published in 2014 with Davide Cantoni. Using data from medieval Germany, this paper examines the causal link between the emergence of universities, including the legal training they provided, and Europe’s Commercial Revolution.
In this episode, we talk with Ned Augenblick from the University of Berkeley Haas School of Business about his paper with Matthew Rabin entitled “Belief Movement, Uncertainty Reduction, & Rational Updating”. This paper analyzes the relationship between (i) the movement in the beliefs of a Bayesian updater when new information arrives, and (ii) the associated reduction in his uncertainty. This relationship is used to develop statistical tests of rational updating that are then applied to datasets of beliefs.