Tyler Wake

I have had a great first year @DenisonU, Ohio's best Liberal Arts college & Top 30 in the nation. We are hiring two professors at the assistant or associate rank with a focus on finance/financial economics. See our job ads on JOE and AFA.

@DKPghSports This is the reporting we need! I kid but thank you for the wiener count

Update on dollar hot dog night: Franchise record for hot dogs sold is 18,591. They're at 9,495 for the night, eight minutes into the game. Historic pace. -- From Taylor Haase in Uptown

@gatorsszn @UMGoBlog @OldTakesExposed

We might beat Iowa by 35 I’m ngl 😭

@NateLewis77 Evergreen tweet

We make some of the worst turnovers and keep teams in games we should be blowing out

@UofmUpdates247 Seeing this 45 min after the fact but know it can only be one

That is an INSANE call man 🤣

@NicoleAuerbach Bump up 25

Uh, Michigan??

@lugaricano The personal note at the end was touching. Thank you for sharing

A day like today, exactly 25 years ago, my admired advisor Sherwin Rosen died, way too young, at 62 years of age. He was then the president of the AEA. We owe him some crucial ideas. I highlight 7. Hedonic Prices and Implicit Markets (JPE, 1974). How does the market price something as complex as a car, a house, or a job? Goods are bundles of characteristics. In equilibrium, the price schedule is the envelope of heterogeneous buyers' bids and heterogeneous sellers' offers—so market prices reveal the implicit value of each characteristic. Key to environmental valuation, the value of life, and urban quality-of-life indexes. Monopoly and Product Quality (JET, 1978, with Mussa). Did you wonder if your tourist class seat is too narrow? A monopolist who faces buyers differing in taste for quality degrades what she sells to low types so high types can't mimic them and capture the surplus. The foundational screening model. Education and Self-Selection (JPE, 1979, with Willis). Do grads from better colleges earn more because of how much they know? People sort into college by comparative advantage: those who go are better at college-type work, those who don't are better at non-college work. The returns need to be corrected. A crucial idea for an entire literature. The Economics of Superstars (AER, 1981). Why do rewards concentrate at the top in music, movies, sports etc.? When output can be replicated at zero marginal cost, and there is little substitutability in production, small talent differences produce enormous earnings gaps. The economics of the internet, twenty years early. Rank-Order Tournaments (JPE, 1981, with Lazear). When individual output is noisy, firms pay on rank; the spread between winner and loser is the instrument that elicits effort. Authority, Control, and the Distribution of Earnings (Bell Journal, 1982). In a hierarchy, each manager's talent is multiplied across everyone below her. A slightly better person at the top is worth disproportionately more- a better general decides which war we fight, hence affects all of our marginal products. That is why we see convexity of pay at the top of organizations. Prizes in Elimination Tournaments (AER, 1986). In a multi-round promotion ladder, the biggest jump must come in the final round, because the option value of future rounds has vanished, only the current prize can motivate. Professor Rosen would look distracted in seminars. He would look confused. Then he'd say something that changed the entire analysis and discussion. He never tried to look good at the speaker's expense. He just saw the problem more deeply than anyone in the room- no exceptions. One personal anecdote: during my PhD studies, I was totally depressed: I could not advance, all my ideas were awful. I could not bear going to his office. As i was coming upstairs towards the 4th floor of the Social Science building I met him in the stairs. He said. "I have not seen you, Luis, for a while." I said "Sorry Prof. Rosen, I had nothing to show you." He said "Well, you have to come. Come every week, whether you have something or not". incredibly, that short exchange was probably the most important one in my life. The duty to go to his room got me out of the hole.

@marketplunger1 Nobody but a classless rich person would keep books in a room with that much natural light. Makes sense for the neg alpha

Imagine writing your annual investment letter from here (you’ve underperformed the S&P for 7 straight years)

@kristakdoyle Chilis?

You can go to SXSW, I’m going to 45th & Lamar

@alz_zyd_ My understanding was also that he leveraged his inside knowledge of the British empire to pick winners before news reached the stock exchange

"If you're so good at economics, why aren't you rich?" As it turns out, besides being a legendary economist, this 4-page paper shows that John Maynard Keynes was also an exceptionally good portfolio manager

@arpitrage @AzizSunderji I thought work from home was dead?

Since the beginning of the pandemic; house prices in the Loop fell 40% while rising 45% in the suburbs by @AzizSunderji homeeconomics.substack.com/p/back-to-the-…

@JBaileyNFL How can PIT no figure out the ATL falcons model of ok beer and decent food at a cheap price?

Shitty location, overpriced as all hell for food, drink, & parking. Cool to go to a game or 2 a year, but you have to be well off to go consistently.

Bill Guerin is a complete caveman and this was a reckless, good ol' boys roster-building strategy and also he was right and those of us who doubted him are unfortunately losers @Slate slate.com/culture/2026/0…

@FrankLuntz @guypbenson The kids are doing just fine.

Team USA close out 2026 with the most gold medals they’ve won at any Winter Olympics. 🥇🥇🥇🥇 🥇🥇🥇🥇 🥇🥇🥇🥇

@delillostan Reminds me of CS Lewis’s prose in the Magician’s Nephew describing the Hall of Images, where kings and queens sat enthroned. They committed terrible deeds and suffered equally terrible sins

@SeanTrende @pegobry_en Nice reminder that populists are not Constitutionalists.

@pegobry_en No, they ruled that in America power is diffused among different branches of elected government, with legislation, especially regarding taxation, delegated to the House. That’s where that change has to be effected.

Today the Supreme Court has ruled that the American people are not allowed to effect a change of policy via the ballot box. Whatever happens next will be downstream of this

@JosephPolitano I agree but this is not a dispositive sign of tariffs affecting trade flows. Tariffs have exchange rate effects, pushing down the price of CXN goods. Therefore, need to check quantities not just P*Q

Crazy milestone in the US trade data released today—America now imports more directly from Taiwan than from China for the first time since 1992 The trade war has cut US direct trade with China, and the AI boom has caused a surge in spending on Taiwanese-made semiconductors

@leo_xu16 @laura_veldkamp Patents give sole rights to use and license, even if the information is publicly available. Goodwill is also firm specific. Data is different— if a firm collects the same data as another, there’s nothing preventing its use. So will all be accounted the same under Intangible A ?

@tyler_econ @laura_veldkamp All intangible assets may share this point, e.g. patents. Why is this a problem?

FT says: China allows companies to classify data as a balance sheet asset; U.S. should do the same. Our data valuation research explores this. Policy catching up to theory?business.columbia.edu/sites/default/… ft.com/content/897fca…

@SickosCommittee They never really played an End where every single shot was perfect. Left openings for the Swedes, who really shot clutch. Dropkin seemed tired

Heartbreak. Sweden wins the Olympic gold in mixed curling.

@hoblush That wig on Mamma….

they're battling it out