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🔗 Economics 🔗 Philosophy 🔗 Philosophy/Logic

In economics, hyperbolic discounting is a time-inconsistent model of delay discounting. It is one of the cornerstones of behavioral economics and its brain-basis is actively being studied by neuroeconomics researchers.

The discounted utility approach states that intertemporal choices are no different from other choices, except that some consequences are delayed and hence must be anticipated and discounted (i.e., reweighted to take into account the delay).

Given two similar rewards, humans show a preference for one that arrives sooner rather than later. Humans are said to discount the value of the later reward, by a factor that increases with the length of the delay. In the financial world, this process is normally modeled in the form of exponential discounting, a time-consistent model of discounting. A large number of psychological studies have since demonstrated deviations in instinctive preference from the constant discount rate assumed in exponential discounting. Hyperbolic discounting is an alternative mathematical model that agrees more closely with these findings.

According to hyperbolic discounting, valuations fall relatively rapidly for earlier delay periods (as in, from now to one week), but then fall more slowly for longer delay periods (for instance, more than a few days). For example, in an early study subjects said they would be indifferent between receiving $15 immediately or $30 after 3 months, $60 after 1 year, or $100 after 3 years. These indifferences reflect annual discount rates that declined from 277% to 139% to 63% as delays got longer. This contrasts with exponential discounting, in which valuation falls by a constant factor per unit delay and the discount rate stays the same.

The standard experiment used to reveal a test subject's hyperbolic discounting curve is to compare short-term preferences with long-term preferences. For instance: "Would you prefer a dollar today or three dollars tomorrow?" or "Would you prefer a dollar in one year or three dollars in one year and one day?" It has been claimed that a significant fraction of subjects will take the lesser amount today, but will gladly wait one extra day in a year in order to receive the higher amount instead. Individuals with such preferences are described as "present-biased".

The most important consequence of hyperbolic discounting is that it creates temporary preferences for small rewards that occur sooner over larger, later ones. Individuals using hyperbolic discounting reveal a strong tendency to make choices that are inconsistent over time – they make choices today that their future self would prefer not to have made, despite knowing the same information. This dynamic inconsistency happens because hyperbolas distort the relative value of options with a fixed difference in delays in proportion to how far the choice-maker is from those options.

🔗 International relations 🔗 Human rights 🔗 Russia 🔗 Military history 🔗 Crime 🔗 Death 🔗 Ukraine 🔗 Russia/Russian, Soviet, and CIS military history 🔗 Military history/Russian, Soviet and CIS military history

In March 2022, a series of war crimes were committed by Russian occupation forces in the Ukrainian city of Bucha during the Battle of Bucha, following the Russian invasion of Ukraine. Ukrainian authorities said that more than 300 inhabitants of the town had been killed.

🔗 Computing 🔗 Books 🔗 Computing/Software

The Cathedral and the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary (abbreviated CatB) is an essay, and later a book, by Eric S. Raymond on software engineering methods, based on his observations of the Linux kernel development process and his experiences managing an open source project, fetchmail. It examines the struggle between top-down and bottom-up design. The essay was first presented by the author at the Linux Kongress on May 27, 1997 in Würzburg (Germany) and was published as part of the book in 1999.

The illustration on the cover of the book is a 1913 painting by Liubov Popova titled Composition with Figures and belongs to the collection of the State Tretyakov Gallery. The book was released under the Open Publication License v2.0 around 1999.

🔗 Computing 🔗 Computing/Early computers

The IBM 7950, also known as Harvest, was a one-of-a-kind adjunct to the Stretch computer which was installed at the United States National Security Agency (NSA). Built by IBM, it was delivered in 1962 and operated until 1976, when it was decommissioned. Harvest was designed to be used for cryptanalysis.

🔗 France 🔗 Middle Ages 🔗 Middle Ages/History

The Bal des Ardents (Ball of the Burning Men) or Bal des Sauvages (Ball of the Wild Men) was a masquerade ball held on 28 January 1393 in Paris at which Charles VI of France performed in a dance with five members of the French nobility. Four of the dancers were killed in a fire caused by a torch brought in by a spectator, Charles's brother Louis I, Duke of Orléans. Charles and another of the dancers survived. The ball was one of a number of events intended to entertain the young king, who the previous summer had suffered an attack of insanity. The event undermined confidence in Charles's capacity to rule; Parisians considered it proof of courtly decadence and threatened to rebel against the more powerful members of the nobility. The public's outrage forced the king and his brother Orléans, whom a contemporary chronicler accused of attempted regicide and sorcery, to offer penance for the event.

Charles's wife, Isabeau of Bavaria, held the ball to honor the remarriage of a lady-in-waiting. Scholars believe the dance performed at the ball had elements of traditional charivari, with the dancers disguised as wild men, mythical beings often associated with demonology, that were commonly represented in medieval Europe and documented in revels of Tudor England. The event was chronicled by contemporary writers such as the Monk of St Denis and Jean Froissart, and illustrated in a number of 15th-century illuminated manuscripts by painters such as the Master of Anthony of Burgundy. The incident later provided inspiration for Edgar Allan Poe's short story Hop-Frog.

🔗 New York (state) 🔗 Numismatics 🔗 Numismatics/American currency

The Ithaca HOUR is a local currency formerly used in Ithaca, New York and was one of the longest-running local currency systems, though it is now no longer in circulation. It has inspired other similar systems in Madison, Wisconsin; Santa Barbara, California; Corvallis, Oregon; and a proposed system in the Lehigh Valley, Pennsylvania. One Ithaca HOUR is valued at US$10 and is generally recommended to be used as payment for one hour's work, although the rate is negotiable.

🔗 Business 🔗 Game theory

A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, The General Theory of Employment, Interest and Money (1936), to explain price fluctuations in equity markets.

🔗 Russia 🔗 Crime 🔗 Death 🔗 Russia/politics and law of Russia

The assassination of Boris Nemtsov, a Russian politician opposed to the government of Vladimir Putin, occurred in central Moscow on Bolshoy Moskvoretsky Bridge at 23:31 local time on 27 February 2015. An unknown assailant fired seven or eight shots from a Makarov pistol; four of them hit Boris Nemtsov in the head, heart, liver and stomach, killing him almost instantly. He died hours after appealing to the public to support a march against Russia's war in Ukraine. Nemtsov's Ukrainian partner Anna Duritskaya survived the attack as its sole eyewitness.

The assassination was met with worldwide condemnation and concern for the situation of the Russian opposition. Russian authorities also condemned the murder and vowed to conduct a thorough investigation.

On 8 March 2015, Russian authorities charged Anzor Gubashev and Zaur Dadaev, both originating from the Northern Caucasus, with involvement in the crime. According to Russian authorities, Dadaev confessed to involvement in the murder. However, he later retracted his statement, as extracted by torture. Three more suspects were arrested around the same time and, according to Russian media, another suspect blew himself up in Grozny when Russian police forces surrounded his apartment block.

🔗 Computing

Logic Theorist is a computer program written in 1956 by Allen Newell, Herbert A. Simon and Cliff Shaw. It was the first program deliberately engineered to perform automated reasoning and is called "the first artificial intelligence program". It would eventually prove 38 of the first 52 theorems in Whitehead and Russell's Principia Mathematica, and find new and more elegant proofs for some.

🔗 Computing

In computer programming, indentation style is a convention, a.k.a. style, governing the indentation of blocks of source code. An indentation style generally involves consistent width of whitespace (indentation size) before each line of a block, so that the lines of code appear to be related, and dictates whether to use space or tab characters for the indentation whitespace.