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The market set a cost in payoff in terms of quality of life and remuneration for both roles. He made the rational choice for himself and his family. Also, there
by aswanson 10y ago
The market set a cost in payoff in terms of quality of life and remuneration for both roles. He made the rational choice for himself and his family. Also, there are former financial engineers like David Shaw that have taken their earnings to literally try to cure cancer.
- dredmorbius 10y agoOne might argue that the market fails to price (and compensate) information goods efficiently or accurately. http://people.ischool.berkeley.edu/~hal/Papers/japan/japan.html#SECTION00030000000000000000 http://people.ischool.berkeley.edu/~hal/Papers/japan/japan.h...
- aswanson 10y agoI'd agree with that. I don't believe in the efficient market hypothesis. The "market" given his limited information, professorship salary, and the compensation offered him to do other work clearly showed a large spread which he was rational to exploit. I also believe society as a whole is being shortsighted in creating such a wide spread, but its not within his power to correct it; it's societies failure to think long term and his duty is to his family first.