I had a strange dream last night, which caused me to wake up late this morning. In the dream, I went to class without pants. And when I went to class, my experimental econmics lecturer was auctioning off a pair of pants that fit me. There was some strange talk about private valuation, and stuff [...]

This was a triumph
I’m making a a note here: HUGE SUCCESS
It’s hard to overstate my satisfaction
Chewxy lives! [editor's note: pronounce Chew-ex-why]
He does what he must, because he can
For the good of all of us
Except the ones who are dead.
But there’s no sense crying over every mistake
You just keep on trying till you get many As
And [...]

This is Fehr and Schmidt (1999)’s inequality aversion model (I really should install LaTeX):

alpha represents the coefficient of envy, and beta represents the coefficient of guilt.
Now this model assumes that one is indifferent towards people who have the same payoff as one. Why am I bringing this up? I dunno, actually. I’ve been doing some [...]