Dominant Strategies Not So Dominant
Who Wouldn’t Pay a Penny for a Sports Car? http://www.northwestern.edu/newscenter/stories/2012/03/online-auctions.html Lowest unique bid auctions have become increasing popular in recent times. These online auctions differ from others discussed in class such as Dutch auctions and Second-price sealed bid auctions in that buyers place bids on an item and try to have the lowest unmatched bid […]
Game Theory in Global Warming
Source: http://opim.wharton.upenn.edu/~clemons/blogs/prisonersblog.pdf This article describes the economic forces that hinder moving toward a greener planet. As a planet, most people and countries seem to have acknowledged that there is a problem with global warming. Countries are working towards fixing this issue, but the talks are very tedious and it is difficult to make progress. […]
China Japan Island Dispute
China and Japan are currently locked in a dispute over a small number of uninhabited islands in the East China Sea. Both nations wish to have control over the islands, and neither is willing to give way. However, this is beginning to have economic impacts. Both countries highly depend on each other to trade, and […]
A Vickrey Auction Put Into Perspective: The High Price of Internet Keyword Auctions
http://www.gsb.stanford.edu/news/research/econ_ostrovsky_internetauction.shtml The article discusses how search engines such as google and yahoo do not use the original Vickrey auction for advertisement but rather a modification based off of Vickrey’s ideas. This changed auction style leads to confusion amongst buyers. The buyers in this case are the advertisers and what they bid on is the the […]
Penny Auctions vs. Traditional Auctions
http://online.wsj.com/article/SB10001424053111903392904576512280986981242.html This article from the Wall Street Journal describes the growing number of penny auction sites. Websites such as Bidcactus and Quibids are making a name for themselves but still have a long way to go before they will reach eBay’s level of fame, if ever. The sites advertise the low winning bids: an iPad2 […]
Emirates and Qantas Partnership Announced – Is it a Game Changer?
Qantas, the Australian flag carrier, has seen its international flights raking in more costs rather than revenue, pushing its profit margin to the red limit, posting a loss of US$254.8 million. Its revenue has taken a hit from the emergence of Gulf carriers, such as Emirates, Etihad, and Qatar Airways, especially in the Australia – […]
The real reason why that one girl has more friends on FaceBook than you
http://mindyourdecisions.com/blog/2012/09/04/why-your-friends-have-more-friends-than-you-the-friendship-paradox/ Doing a little stalking on FaceBook might make you come to realize that many of your friends have a lot more friends than you do. Looking at my own page, I see that I have exactly 250 friends somehow, yet my own sister and cousin have well over 600 friends. This fact always made […]
Greek Economic Crisis is a Game Theory Issue
The Greek economic crisis has been an extremely important issue in the world economy over the past couple of years. The European Currency and Economy is suffering due to a few countries compiling extreme debts, one of those countries being Greece. Normally a financial crisis would be an economic issue, but with Greece being on […]
Pairing Art to Taste – Artsicle
So I’m a big fan of art, but kind of picky. Most people have a specific taste when it comes to art, some like sculpture, and others paintings (personally I’m a fan of landscapes). But if I want to hang something up in my apartment that’s actually real, I’m at a complete loss. I’ve spoken […]
Dynamic Game Theory in Mixed Martial Arts
A recent article in Popular Science discusses how mixed martial arts (MMA) trainer Greg Jackson uses game theory to analyze his fighter’s abilities and decision making skills. Greg logs each fight by sketching out each punch, kick and grapple into a series of decision nodes and edges from one fighter’s perspective. After logging hundreds of […]
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