Timelapse is a global, zoomable video that lets you see how the Earth has changed over the past 32 years. It is made from 33 cloud-free annual mosaics, one for each year from 1984 to 2016, which are made interactively explorable by Carnegie Mellon University CREATE Lab’s Time Machine library, a technology for creating and viewing zoomable and pannable timelapses over space and time.
Using Earth Engine, we combined over 5 million satellite images acquired over the past three decades by 5 different satellites. The majority of the images come from Landsat, a joint USGS/NASA Earth observation program that has observed the Earth since the 1970s. For 2015 and 2016, we combined Landsat 8 imagery with imagery from Sentinel-2A, part of the European Commission and European Space Agency’s Copernicus Earth observation program.
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Indy is sitting int he chair of madness again and answers all your questions about the First World War. This week we talk about the Belgians and Hand Grenades.
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This week: Let’s get in the holiday spirit! What would an economist do about Christmas gifts?
What do you really want for the holidays? And how can you be sure you’re giving the perfect gift to someone else?
Of course, you want to get your loved ones something they will appreciate, but you face a knowledge problem: you don’t know everything about their wants and needs. You also have an incentive problem: oftentimes people aren’t quite as careful choosing a gift for others as they would be if buying something for themselves.
We’ve all received a present that we didn’t really want. When that happens, the value that we place on the gift can be less than its cost. According to research by economist Joel Waldfogel, gift givers spend an average of $50 on gifts that recipients only value at $40. Given that Americans spend around $100 billion on Christmas gifts, we’re wasting $18-20 billion every holiday season!
Is there a solution to this costly problem? Well, you can always give cold, hard cash! Many gift recipients would prefer it. But if you know the recipient’s tastes very well, you do have the opportunity to give them a non-cash present that they’ll love and that creates value by lowering their search costs.
There are, of course, occasions where the gift of money doesn’t make sense. Perhaps you want to signal that you care in a different way, or maybe there’s a custom you want to follow. You’ll just have to risk it in these situations.
Around the holidays, there’s also a spike in charitable giving. If you face knowledge and incentive problems in giving gifts to loved ones, you can imagine that these issues increase when you’re giving to someone you’ve never met. To combat this problem, some charities, such as GiveDirectly, give cash to people in need so that they spend charitable donations however meets their needs.
The efficiency of an economist’s Christmas may feel less warm and fuzzy, but the value creation is no less generous!
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Mrs. T and I just got back from seeing Maria Schneider’s first set at the Jazz Standard. Two thoughts come to mind, the first original and the second not:
In the presence of music, time and trouble stop.
The band took a couple of corners too fast on “Gumba Blue.” Everything turned out all right, though, and when the number was over, Maria grinned at the audience and quoted something that David Bowie once said to her: “The beautiful thing about music is that if the plane goes down, everybody walks away.”
