4th and the last day of RSSIA 2011

The last day of RSSIA began with the lectures about IQ its influence on economic performance by Garett Jones (George Mason University). Why are people with high IQ more patient, pleasant and perceptive? Why are smarter groups more cooperative, but not smarter individuals?

The last day of RSSIA began with the lectures about IQ its influence on economic performance by Garett Jones (George Mason University). Why are people with high IQ more patient, pleasant and perceptive? Why are smarter groups more cooperative, but not smarter individuals? – Answers to these nontrivial questions were provided in the first lecture. The second lecture covered the topic “IQ in the Utility Function: Cognitive skills, time preference, and cross-country differences in saving rates” and might be also rather useful to those researchers, who are interested in the banking system. Moreover, G. Jones gave some piece of advice to young researchers about how to come up with a brilliant idea, start the research project and successfully finish it. “Don’t solve problem – create them”! - may become the motto of any researcher.

In the afternoon John Nye gave the lecture “Two wrongs make a right: the market of illegal goods in the presence of corruption”. He explained why in some countries (highly-corrupt) the prohibition of illegal goods (e.g. gambling or prostitution) is less desirable, than taxation, from the economical point of view.

After the lecture the participants continued making presentations of their research projects in small groups and then came together to RSSIA Closing Ceremony. The organizers gave some presents to the best presenter and best discussant in each group. And they were: Arkady Konovalov and Georgiy Syunyaev respectively in “Red” group, Ilya Prakhov and Anna Panova in “Green” group, Dalson Britto and Svetlana Pivovarova in “Yellow” one. And G. Syunyaev and A. Makarin were the chosen ones awarded as the best singers of the Summer school. In fact, they immediately confirmed their certificates during the barbeque party hold outdoors near the hotel. However, they didn’t want to distract others from singing and soon the participants and experts were singing together the national songs of Belgium, Indonesia, Russia and the USA