COLD SPRING SHOPS GETS RESULTS. I haven't finished assigning names to cards and already I have to put an X-mark on one of the active cards, University of Wisconsin president Katherine Lyall, the queen of diamonds, who has announced her retirement. University regents expect her successor to be expensive. Clearly, they've not heard of the principle of comparative advantage. "UW System regents have already declared the search to be a national, even international one. The one thing they've stressed is that the next president have stellar academic qualifications." Right. For the most part, the best researchers don't get involved in administration, and I can think of a couple of excellent academic economists who have been stellar failures as university presidents.