Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Adverse Selection

Mental models

When one side knows more than the other before the deal, the average quality of what is offered falls, and in the limit the market unravels. Akerlof's used cars, an insurance pool that only the sick join, and a secondary offering that only insiders would sell into are the same structure. The question to ask of any opportunity is why it is available to you.

Books 5Recommenders 9Resources 3

Start here

  1. FreakonomicsSteven D. Levitt, Stephen J. Dubner, 2005
  2. The Undercover EconomistTim Harford, 2005
  3. Economics, Organization and ManagementPaul Milgrom, John Roberts, 1992
FreakonomicsFreakonomics
T1 Freakonomics
Steven D. Levitt, Stephen J. Dubner · 2005
Open LibraryGoodreads

Incentives and data applied to cheating teachers, sumo wrestlers and other puzzles.

Recommended by: Mohnish Pabrai, Andrew Lokenauth and 6 others

Economics, Organization and ManagementEconomics, Organization and Management
T2 Economics, Organization and Management
Paul Milgrom, John Roberts · 1992
Goodreads

How firms are organised, using agency, contracts and transaction-cost economics.

The Undercover EconomistThe Undercover Economist
T2 The Undercover Economist
Tim Harford · 2005
Open LibraryGoodreads

Price theory in daily life: coffee near stations, supermarket tiers and used cars.

Recommended by: Mohnish Pabrai, Naval Ravikant

Contract TheoryContract Theory
T3 Contract Theory
Patrick Bolton, Mathias Dewatripont · 2005
Open LibraryGoodreads
An Introduction to the Economics of InformatAn Introduction to the Economics of Information
T4 An Introduction to the Economics of Information
Ines Macho-Stadler, David Perez-Castrillo · 1997
Open LibraryGoodreads

More mental models

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