Lecture 7 - Shakespeare's Merchant of Venice and Collateral, Present Value and the Vocabulary of Finance

author: John Geanakoplos, Yale University
recorded by: Yale University
published: March 17, 2012,   recorded: October 2009,   views: 4773
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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While economists didn't have a good theory of interest until Irving Fisher came along, and didn't understand the role of collateral until even later, Shakespeare understood many of these things hundreds of years earlier. The first half of this lecture examines Shakespeare's economic insights in depth, and sees how they sometimes prefigured or even surpassed Irving Fisher's intuitions. The second half of this lecture uses the concept of present value to define and explain some of the basic financial instruments: coupon bonds, annuities, perpetuities, and mortgages.

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