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“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0) Fax: +44 (0) © Gresham College 2005 Mercers’ School Memorial Professor of Commerce Michael Mainelli It’s A Mad, Bad, Wonderful World A Celebration Of Commercial Diversity

© Gresham College 2005 Outline Sahel’s Silent Trade Information theory Time & space CHFiction Virtual economics Fei-ville Commercial diversity “Get a detailed grip on the big picture.” Chao Kli Ning

© Gresham College 2005 Sahel’s Silent Trade [Source:

© Gresham College 2005 Shannon (on the right) [Source:

© Gresham College 2005 The Ultimate Machine [Source:

© Gresham College 2005 Shannon’s Diagram A General Communication System [Source: SHANNON, C E, "A Mathematical Theory of Communication", The Bell System Technical Journal, 1948] Happy $%^&*£+#! Happy Birthday!

© Gresham College 2005 Many Levels [Source:

© Gresham College 2005 Information = Surprise!

© Gresham College 2005 Schramm’s Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback [Source, Schramm, 1954]

© Gresham College 2005 Time Or Space?

© Gresham College 2005 Time & Space [Source:

© Gresham College 2005 Mermnadae Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback

© Gresham College 2005 An Aldern-ate Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback

© Gresham College 2005 CHFictions [Source:

© Gresham College 2005 Waning Lira-cal [Source: Born: 1808 RIP: 1959 Ad-mini-stirring…

© Gresham College 2005 Ne Win and 90 Kyat

© Gresham College 2005 Haggling

© Gresham College 2005 Seeing The Milk For The Pulp [Source:

© Gresham College 2005 Virtually Economic [

© Gresham College 2005 Auction Classes Order SimultaneousSequentia l Closed Rounds Multiple Single Open High Value Discrete Items e.g., Artworks Linked Items e.g., FCC telecommunication licenses Quick, Single Items e.g., Books High Traffic Items e.g., Collectibles

© Gresham College 2005 Home Sweet Stone [Source:

© Gresham College 2005 Tough As A Stone [Source: [Source: mages/maps/micronesia_map.gif]

© Gresham College 2005 Unmissfakeable [Source:

© Gresham College 2005 Taxing Work [Source:

© Gresham College 2005 Modern Finance

© Gresham College 2005 Commercial Diversity Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback Swiss buses Silent Trade Russian purchasing Italian taxes Alderney conveyancing Fei stones 90 Kyat Milk bottles Haggling BT Avatar auctions Gold

© Gresham College 2005 Discussion 1. Your commercial stories. 2. Are there “laws of commerce”?

© Gresham College 2005 It’s A Mad, Bad, Wonderful World A Celebration Of Commercial Diversity Thank you! “Get a big picture grip on the details.” Chao Kli Ning