American Nobel Laureate Quotes

Eugene O'Neill

Eric Maskin

Eugene Fama

Michael Stuart Brown

If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be literally zero, before costs. Then after costs, it's a big negative sign

Take some wood and canvas and nails and things. Build yourself a theater, a stage, light it, learn about it. When you've done that you will probably know how to write a play.

That strategic rivalry in a long-term relationship may differ from that of a one-shot game is by now quite a familiar idea. Repeated play allows players to respond to each other's actions, and so each player must consider the reactions of his opponents in making his decision. The fear of retaliation may thus lead to outcomes that otherwise would not occur. The most dramatic expression of this phenomenon is the celebrated "Folk Theorem." An outcome that Pareto dominates the minimax point is called individually rational. The Folk Theorem asserts that any individually rational outcome can arise as a Nash equilibrium in infinitely repeated games with sufficiently little discounting.

To apply tools of science, physicians must learn to think like scientists. They must acquire technical ability, taste in evaluating experiments, and a sense of creative adventure.

Michael Stuart Brown