Holmesian Maxim

When you have eliminated the impossible, whatever remains, however improbable, must be the truth.

The famous Holmesian Maxim.

Read a very nice article about it here. The important point being, of course, that for the answer to be right by the holmesian maxim, all the wrong options should be proved impossible. If not, the problem reduces to a choice between various improbable solutions, as opposed to an improbable vs. impossible situation. In this case, we cannot argue by saying that the less improbable of the two solutions is the conclusive answer. Of course, we could argue that the less improbable solution could be the more elegant solution, and satisfy the principles if Occam's razor. But the elegnt solution needn't be the correct solution, as is evident from the existance of quantom mechanics.

Veblen vs. Giffen goods

DJ sent a mail according to which my color is supposed to be purple.

Now, purple is the royal color. And it was considered rare due to economic considerations (very expensive to make). As price increased, it was considered more valuable, and so demand further increased (like also for diamonds presently). Basically, a veblen good. Goods that become desirable as their cost increases.

Similar to veblen goods are giffen goods. Giffen goods are goods for which also a price increase drives up the demand, but due to solely economic considerations, and no preference.

Kvasir

Kvasir is the norse god of knowledge. The purpose of this blog is to just post whatever interesting facts I find now and then. Thus begins the game.