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« Has the World Gone Completely Mad (Again)? | Main | Monetary Equilibrium Theory in The Onion (America's Finest News Source) »

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Can we extend this even more? Are the vowels, esp. "a" and "e" examples of highly "versatile" capital? This raises the question of whether there's anything like "financial capital" in the game. Are some pieces held "in reserve" by producers as a hedge against future uncertainty - the vowels perhaps?

Right, but esp. the letter Z, after Q

That is, Q and Z are speculative; vowels often serve as hedges.

Who is your intended audience?

Compare Jacques Polak's "The Economics of Scrabble" in The American Economic Review 1955 (http://www.jstor.org/pss/1811640), especially Polak's footnote no. 6 on Schumpeter's Theory of the entrepreneur.

Polak tried to develop a simple model that incorporates the opportunity cost of using a letter that could perhaps better be unsed in a later combination.

Needless to say: His model is mathematically correct but quite useless in real - and much too complex - life

I enjoy your colums very much (being Austrian in a country that amlost completly forgot it's "Austrians")

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