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of the Standard Theory.
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So these are things that I'm guessing you'll have,
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at least some of them, trouble figuring out how to
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answer now, but by the end of the course
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this should be totally obvious to you.
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So suppose you win the lottery, forty million dollars,
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it's a hundred million dollars, the lottery.
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Now they always give you the choice.
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Do you want to take five million a year over twenty years
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or just get forty million dollars right now?
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Which would you do and how do you think about what to do?
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So now you get tenure at Yale at the age of 50, say.