Game Theory in School Applications
This article is about the algorithm designed to pair incoming high school freshman in New York City with their best match high school. In the previous admissions process, students ranked their top 5 schools, who then reviewed the students and accepted their picks. This system created a plethora of unintended consequences. For example, some schools […]
Pandora Signs Deal with Sony: Balance Theorem and Game Theory
The expression of music has evolved alongside technological advancement. Before the appearance of recording devices, music was played and appreciated live; today, music can be preserved as sound-bytes that can be retrieved with a finger tap from a music app. Out of the infinite scores of music apps on the market, there are only several […]
Oil Production Freeze & Game Theory
The article, “Game Theory at Its Finest: Why Oil Production Freezes Won’t Happen,” is particularly interesting because it uses game theory to understand the ‘connectedness’ of a system that involves social, natural and technological components – the oil industry. With oil around $45 dollars per barrel, it is interesting to assess the interconnected behaviors of […]
Game Theory Application in Architectural Decision Making
Although it is easiest to see the application of game theory to situations with structured decision paths, architect Mzo Tarr, in an article on Archinect, describes how the study of game theory leads to advantageous decision making in the architectural world. When designing and constructing a building, the architect must consider the wants and desires […]
Group Selection and Game Theory
The term “survival of the fittest” represents one of the basic fundamentals of the way of life in nature. In any species, the organisms that holds the weakest traits will be wiped out from its population due to natural selection while only the strongest and smartest animals survive. As a result, there many of the […]
Auctions: Structural Estimation
We have been covering a variety of different auction types in class, but have yet to nail down which one a seller should choose. The attached research paper sheds some light on this topic using the idea of “Structural Estimation”. This idea states that in order for the seller to produce the maximum profit from an […]
McClendon Wine Collection Auction
On Saturday September 17th, Aubrey McClendon held a wine auction in a restaurant in Chicago which included 1,057 total lots. All 1,057 lots offered were sold, which ultimately totaled to be worth $8.4 million. Clearly McClendon is one of the most well established wine collectors around, but even he did not value his collection that that […]
Game Theory in the Failure of OPEC
OPEC is an oil cartel made up of 14 countries who collectively control about one-third of global oil production. OPEC influences oil prices by agreeing to limit their oil production and therefore reducing oil supply in the global market. In the past months, Saudi Arabia has flooded the market in an attempt to protect its […]
Nash Equilibrium in Dhaka
This article explores the possibility of using Nash Equilibrium in the real world in the context of social welfare. The article singles out Dhaka, the capital of Bangladesh and observes the community of drivers in particular. Ultimately for the drivers of buses, the more passengers they have, the more money they make. Therefore, they are […]
The Donald and Game Theory.
One of Donald Trump’s staples throughout this year long run to be the Republican nominee is his propensity for irregular and unpredictable statements and strategies. The unpredictability of his actions has made it very difficult for other GOP hopefuls and Hillary Clinton to prepare for and counter these actions. This is the essence of Trump’s […]
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