1. “New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831 0575 Fax: +44 (0)20 7831 5208 Email : enquiries@gresham.ac.uk www.gresham.ac.uk © Gresham College 2005 Mercers’ School Memorial Professor of Commerce Michael Mainelli It’s A Mad, Bad, Wonderful World A Celebration Of Commercial Diversity

2. www.gresham.ac.uk © 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

3. www.gresham.ac.uk © Gresham College 2005 Sahel’s Silent Trade [Source: http://www-personal.umich.edu/~cgober/africatrademap.jpg]

4. www.gresham.ac.uk © Gresham College 2005 Shannon (on the right) [Source: http://en.wikipedia.org/wiki/Image:Claude_Elwood_Shannon_(1916-2001).jpg]

5. www.gresham.ac.uk © Gresham College 2005 The Ultimate Machine [Source: http://www.kugelbahn.ch/sesam_e.htm]

6. www.gresham.ac.uk © 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!

7. www.gresham.ac.uk © Gresham College 2005 Many Levels [Source: http://www.shkaminski.com/Classes/Handouts/Communication%20Models.htm]

8. www.gresham.ac.uk © Gresham College 2005 Information = Surprise!

9. www.gresham.ac.uk © Gresham College 2005 Schramm’s Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback [Source, Schramm, 1954]

10. www.gresham.ac.uk © Gresham College 2005 Time Or Space?

11. www.gresham.ac.uk © Gresham College 2005 Time & Space [Source: http://rg.ancients.info/lion/article.html]

12. www.gresham.ac.uk © Gresham College 2005 Mermnadae Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback

13. www.gresham.ac.uk © Gresham College 2005 An Aldern-ate Model Encoder Interpreter A Decoder Interpreter B Encoder Message Feedback

14. www.gresham.ac.uk © Gresham College 2005 CHFictions [Source: http://www.swissmint.ch/]

15. www.gresham.ac.uk © Gresham College 2005 Waning Lira-cal [Source: http://digilander.libero.it/maggioref/Storia%20liraEng.html] Born: 1808 RIP: 1959 Ad-mini-stirring…

16. www.gresham.ac.uk © Gresham College 2005 Ne Win and 90 Kyat

17. www.gresham.ac.uk © Gresham College 2005 Haggling

18. www.gresham.ac.uk © Gresham College 2005 Seeing The Milk For The Pulp [Source: http://greenbottle.com/]/

19. www.gresham.ac.uk © Gresham College 2005 Virtually Economic [http://electronics.howstuffworks.com/avatar-machine.htm]

20. www.gresham.ac.uk © 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

21. www.gresham.ac.uk © Gresham College 2005 Home Sweet Stone [Source: http://www.pacificworlds.com/palau/native/native5.cfm]

22. www.gresham.ac.uk © Gresham College 2005 Tough As A Stone [Source: http://www.pacificworlds.com/palau/native/native5.cfm] [Source: http://www.explorers.co.uk/new_i mages/maps/micronesia_map.gif]

23. www.gresham.ac.uk © Gresham College 2005 Unmissfakeable [Source: http://en.wikipedia.org/wiki/Image:Yap_home.jpg]

24. www.gresham.ac.uk © Gresham College 2005 Taxing Work [Source: http://www.pacificworlds.com/palau/native/native5.cfm]

25. www.gresham.ac.uk © Gresham College 2005 Modern Finance

26. www.gresham.ac.uk © 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

27. www.gresham.ac.uk © Gresham College 2005 Discussion 1. Your commercial stories. 2. Are there “laws of commerce”?

28. www.gresham.ac.uk © 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