Armen Alchian Econ 490 fall 2019

Managing Risk It took me awhile to understand the idea of managing income risk after college. The first couple years of my college career, I cared more about getting by, having a good time, and not spending much time worrying about what my future holds. I was an undeclared major, and didn't make a transfer until junior year. Again, this was because of the lack of time spent thinking about what the best major for my future could be.  I took out many loans to pay for tuition and joined a fraternity, both of which I am still in debt for. I applied for a credit card simply so I can spend money on a new pair of speakers for my room, so as to make for a louder and more fun year. It is obvious that I was careless, and thought in the present as opposed to the future. Now, I still need to pay off my debts, and in order to do so, I need to secure a job where I am well-off enough to do so.  So, I decided to major in Economics. I am currently a senior, and am still not entire...

Throughout the semester thus far, we have written multiple blog posts about organizations and the different parts of them. While I admit I hadn't fully understood each individual topic as I was writing about them, the professor's comments have been very helpful to put me in the right direction. Many of my blog posts deal with my experience in the work force, as I found what I thought provided the most relevant examples. For example, in my first post (not including my alias), I discussed various flaws in occupations I've had in the past. One of these flaws was lack of effort put in by many employees at my campus job. Many people go to different areas of the gym where management can't see them. In this way, the employees may be attempting to act opportunistically, giving them an easier shift while harming the business as they are receiving no extra compensation for doing a good job. Perhaps 'Illinibucks' could be spent on students that do better work, and they can...

Nobody likes to wait, and everyone wishes to save as much time as possible. This, I assume, is why one would use Illinibucks, effectively giving students the ability to 'skip the line' in various situations. Based on the prompt, it seems as if students would pay a set rate, and after paying may move up in the queue. So, according to the professor's example, one may register for classes before others if they pay a certain rate that is pre-determined. However, I do find this idea confusing, as everybody receives the Illinibucks for no additional cost. With that being said, how does one stick out from the group and move to the front of the line if multiple people choose to pay the pre-determined price? I think it would make sense if the first person to pay the rate gets the benefits, but this simply returns the whole scenario as a 'first come, first serve' one. To get around this, I thought of an idea that allows for multiple people to pay the rate. During midterm an...