The Machiguenga and the Ultimatum Game
Joseph Heinrich’s academic article, Does Culture Matter in Economic Behavior?, analyzes the economic concept of the ultimatum game amongst the Machiguenga, a secluded group of people living in the Peruvian Amazon. The Machiguenga are an ethnic group whose relatives date back to the 15th century. Their livelihood is based on agriculture, as well as hunting […]
Cook’s twist on Apple
There is no doubt that Apple has changed considerably since the death of Steve Jobs. Barring the marketing and product development strategies of Apple, the company’s approach towards investors has taken a significant twist. During Jobs’ reign at Apple, any shareholder of Apple stocks was to expect little or no return from the company. The […]
Game Theory and the Government Shutdown
By this point, it is old news that the United States government is facing a budget crisis. The “shutdown” of our government may have put many Americans out of work, but thousands of other government employees (including Congress) remain at work because their jobs are deemed essential. In the end, something has to give. If neither party chooses […]
ATHLETES: Better off doping?
There are high stakes for doping in professional sports. If caught, athletes can get banned for life, lose all their sponsors, destroy their reputations…the list goes on. Despite the long list of potentially career-ending consequences, many athletes still choose to dope. Why? Because there are also high payoffs for doping. In the words of The Economist, “sportsmen who […]
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