Networks Blog Post 1
In a rather recent article, Economists Finally Test Prisoner’s Dilemma on Prisoners, published in the LA Times, journalist Geoffrey Mohan explores the results of a recent experiment where German economists test the prisoner’s dilemma, for the first time, on prisoners. While there have been previous studies of prisoners dilemma, the subjects have always been student […]
Second-Price Auctions & Last-Minute Bidding: eBay & Amazon
Auctions on eBay and Amazon all follow the rule of second-price auction, where the highest bidder wins the bid and pays the second highest bid. And thus, it is suggested by both website to bid the maximum of the price that user is willing to pay as early as possible –which makes sense according to […]