ESSA

ESSA

Yongjoon Paek

Yongjoon Paek

I am a second year master student in economics, and have transferred from to The University of Melbourne from The University of Auckland in New Zealand.

I love writing because it is such a delicate procedure. When one is writing, one is cautious and aware. Many if not most of his preliminary and crude ideas are censored and refined into shape. In this sense a piece of writing is simply a nicely polished piece of thought. However, writing must also be engaging, assertive and thought provoking. It has the potential to surface the voice of an idea that should be heard. A writer could find that writing is the only means by which he can be heard or be seen.

So in essence a piece of writing is the subtle tradeoff between these two faces of writing. The writer must balance the amount of self censorship and the amount of assertion to gain the attention of the reader. If you are too careful about what and how you write, you risk your work being an uninteresting read, but on the other hand if you are too careless about what and how you write, you risk your readers dismissing your sincerity and honestly.

Economics is a great field to write in, there are literally an infinitum of perspectives on an infinitum of issues. It’s like a public good that never seems to run out!

Auction theory wrap up!

By · March 31st, 2013

Following on from earlier analysis of the open outcry auction, Yongjoon Paek outlines the theory behind the auction as he delves into the mechanics of second price sealed bid auctions and first price sealed bid auctions.

Going, going, gone!

By · March 17th, 2013

Yongjoon Paek explores the applications of microeconomics in auction theory and mechanism design. What is a winning strategy?

Advertising Part 3: Advertising and Market Structure

By · February 10th, 2013

Yongjoon Paek takes look at empirical findings of the relationship between advertising and market structure – specifically the Cola, photofilm and cracker industries – with some interesting results.

Advertising Part 2 – The Empirics of Advertising and Sales

By · December 23rd, 2012

How advertising affects competitors and sales over time.


Advertising – Good or Bad?

By · October 17th, 2012

Is advertising economically good or bad?

Advertising Part 1: Read this Article NOW!

By · September 30th, 2012

An introduction to a new series about the economics of marketing.

Asians like to Save more?

By · September 16th, 2012

A comparison of the savings rates of developing Asian nations, and developed Western nations.

Study, study and study some more!

By · September 2nd, 2012

The quest for knowledge is getting harder and harder.


The Flight of the Kiwis (Q&A special)

By · August 5th, 2012

Are New Zealanders are migrating across the Tasman to our sunny shores in search of better economic opportunities?

Microfinance and Social capital

By · May 20th, 2012

A review of what microfinance is, and a look at the peer effect.

Past-me, Me, Future-me

By · April 29th, 2012

The term time inconsistency is used to describe a situation where one’s ‘optimal’ decision depends on ‘when’ he/she makes the decision and the preferred decision at each point in time is different to what you thought you would prefer in the past.

Someone Give this Rational Agent a Heart!

By · April 15th, 2012

Economics as a discipline is a victim of huge misunderstanding. We are seen to be obsessed about utility maximization, profit maximization, efficiency and equilibria (to name a few among the many words in the economist’s vocabulary that appear to degenerate human behavior into some egotistical mathematical equation!). These perceptions are mostly true; however, the misunderstanding lies within the economist’s relationship with the homo economicus.


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