The Freakonomics podcast delivered some inspiring insights today, focusing on a spectrum of failure assessment, from the most blameworthy to the most commendable. Failure, in this context, is defined as a preventable negative event. Amy Edmondson, a guest on the podcast, categorized the causes of failure into six distinct categories: Sabotage Inattention Inability Task challenge Uncertainty Experimentation While these categories are distinct, most failure events likely result from a combination of several causes. They may represent the most significant contributing factors or the decisive factors that lead to failure. In essence, failures are often the outcome of multiple causes. Nonetheless, it is valuable to dissect these causes and assess their individual severity. ...

Shanghai and LA share a common thread, their shared essence of being overwhelming kaleidoscopes of glamour. It’s as if both cities, like a scene from the classical spectacle of LA LA Land, break into song and dance, creating a harmonious yet complex symphony of life. the lyric of ‘A Lovely Night’ soundtrack of LA LA LAND. What a waste of lovely night… life’s too short, not a single nights should be wasted. as does tonight. ...

The platform economy is indeed a formidable force, and this assertion is not without merit. Yesterday, after watching a routine Premier League match featuring Manchester City, I experienced a striking example of the platform economy’s impact. Around 00:05, when all public transportation had stopped running, I had no option but to order a Didi taxi, a service similar to Uber, to return to my dormitory. To my surprise, a driver quickly accepted my request, indicating that the demand was relatively low. ...

EconCS lab opening As yesterday’s blog mentioned the opening premiere, here’s the fresh recap. The first section features ceremonial talks, and the second is a more lively discussion of mechanism design, economics, and artificial intelligence. Section 1: Ceremonial Talks The first section of the event was filled with what we can affectionately describe as “ceremonial talks.” These talks are often marked by grand visions and mutual compliments, leaving the audience yearning for more substance. However, there was a beacon of hope in the form of my advisor who is also the director of the lab, managed to infuse genuine content into his speech. ...

OMG, it’s finally Friday! Tomorrow marks the launch premiere of a new Econ-CS lab, and we have some exciting talks lined up: Jianwei Huang from CHUK-SZ, Xiaolei Wu from FDU, and Jirong Wen from Renming University will be giving three engaging presentations. I initially planned to attend a coffee festival in the morning, but given that they’re offering complimentary coffee and snacks during the tea break, and with many of my friends, my advisor, and the entire ITCS community attending, it seems like a great idea. It’s sure to be a cool experience. ...

I got tired of reading papers after papers so today I went on all the profiles of the authors of the read papers so as to find something interesting. While browsing Professor Negin Golrezaei’s profile, I stumbled upon a series of captivating reports delving into the fierce competition that Amazon shops face. Two of the most fascinating ones are from BuzzFeed News: “Some Amazon Sellers Paying $10,000 Monthly to Game the Rankings” (Read Here) “Inside Amazon’s Fake Review Economy” (Read Here) It’s really sad but also hilarious. Moreover, an increasing number of Chinese producers are entering the market, opening stores on Amazon, and using international shipping to fulfill their orders. They’re introducing a malicious style of competition, reminiscent of Taobao’s practices, which could marginalize local family-owned brands not adept at advertising and navigating this unscrupulous terrain. It’s genuinely distressing to witness. ...

Recently I’ve been really obsessed with the song MONOPOLY by Ariana Grande and Victoria Monét Treat like goals like property, collect them like monopoly. It barely has nothing to do with “monopoly” but also has everything to do with monopoly. The song is just as playful as several other Ariana’s “insignificant” singles: Work so fuckin’ much, need a twinny, twin, twin (Yeah) You’d be straight for life if I gave you my PIN (Yeah) ...

Of the Market Mechanism Design class that I’m TAing, the first homework is dued on Oct. 8 23:59. 20 out of 27 students submitted exactly on Oct. 8. I’m curious though, what if we design an incentive mechansim that awards extra compensation scores for adequately early submission?

On with the discussion about the Guangdong/HK Tea Houses in Shanghai, with a focus on honest critique and analysis. Firstly, the landscape is fiercely competitive. However, the competition does not translate into commensurate quality but rather inflated prices. This does not align with the typical characteristics of Bertrand competition. A cursory search on Meituan for “Tea Houses” within a 3-kilometer radius yields approximately 30 results, all claiming to offer authentic Guangdong or Hong Kong flavors. Regrettably, it’s fair to say that at least half of these establishments fall far from the mark of excellence. ...

The so-called Tea Houses in Shanghai are such a disgrace. Now, I’m spending more on mediocre food and have no better alternatives in sight. This is how the market fails. Ahhhhhhhhhhhhh.