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Lecture 5: Uncertainty and Linear Programs episode artwork

Oct 30, 2026 1 hr 6 min

Lecture 5: Uncertainty and Linear Programs

from MIT OpenCourseWare: Free Courses from the institute Hosted by MIT OpenCourseWare

MIT 14.04 Intermediate Microeconomic Theory, Fall 2020Instructor: Prof. Robert TownsendUploaded 31-08-22View the complete course: https://ocw.mit.edu/courses/14-04-intermediate-microeconomic-theory-fall-2020/YouTube Playlist: https://www.youtube.com/watch?v=XSTSfCs74bg&list=PLUl4u3cNGP63wnrKge9vllow3Y2OOOKqFFarmers in medieval villages faced the risk of starvation and took great pains to diversify that risk as best they could, farming long narrow strips of land. There were also gains from pooling risk across distant villages. Surprisingly, such problems can be formalized with lotteries. Linear program problems capture this and a wide variety of applications. License: Creative Commons BY-NC-SAMore information at https://ocw.mit.edu/termsMore courses at https://ocw.mit.eduSupport OCW at http://ow.ly/a1If50zVRlQWe encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.

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