Back on the 1st of April (Fool’s Day) of this year, I introduced the RePEc fantasy league. While this post was to be more on the humorous side, many people took it seriously. And interest for the league is unabated, with several people recently asking about it. So I guess there is sufficient demand, and it looks like it could be fun to play with economists. Hence, I want to make a proposal, ask for comments, and let people vote whether such a fantasy league should be run.
Here is the proposal. As the publishing output of economists is rather slow-moving and there is no defined season for play, the league is set up for continuous entry and play is on an infinite horizon. A set of rules has been drafted, and I welcome comments about them, especially from those who are more used to play in this kind of league.
For those who are worried that they could be virtually subject to trades, there would be the ability to opt out from being played with.
Beyond fine-tuning rules, there is also the question whether such a league should be run at all. Below is a poll that will be open for a month. Feel free to vote.
The fantasy league would be more valuable if all data will be available for research purposes.
The proposal is for a zero-sum game. It would be more realistic if there would be wages and research income too. Or perhaps the two systems should run in parallel (see first point).
Richard, all transactions and movements would be recorded, if only for the players to see what they did.
As for your second point, I do not see how I could implement that.
The simplest implementation is
Wage = a + b/Rank
Funding = c + d/Rank
You can calibrate the parameters such that wages and functions are 10 utils per period for the initial allocation of economists.
If I set the parameter restrictions right, departments cannot go bankrupt, but some can grow very rich. There will be inflation in transfer prices, so that some departments are locked-in at the top and others at the bottom. Low-ranked departments can improve their ranking by buying future stars.
Interesting, but this assumes that everyone starts playing at the same time. I have a hard time seeing that to happen. It would be unfair to give early adopters an advantage.
Start with the original proposal. If you have 2N active players in the bargaining economy, switch N of them to the productive economy.
The poll has closed with a large majority wanting this fantasy league. I will start working on it. The rules have been tweaked a little bit following discussions with interested economists.
And I should add that I welcome beta testers for the league. Just shoot me an email to get the link.