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Pagerank – A mechanism to combat fake news?

http://www.computerworld.in/feature/can-algorithms-really-tackle-fake-news-fiasco   As of late, the propagation of fake news has grown to become one of the most controversial, talked about phenomena in the world, especially with its supposed role in producing the polarizing outcome of the latest American election. The issue of fake news is not limited to the stage of the politics of […]

Collusion and Tricks in Auctions

        In our study of auctions, we learned about the various types of auctions, including the Ascending bid (English) auction, the Descending bid (Dutch) auction, First-price sealed-bid auction, and Second-price sealed bid auction. Each of these auctions has advantages and disadvantages based on the application it is used for and, in theory, […]

Negotiations and power in soccer networks

http://www.90min.com/posts/5225732-psg-start-bidding-war-for-kylian-mbappe-after-offering-12m-salary-doubling-real-madrid-s-deal Soccer is said to be the most widely viewed sport in the world. As a result thereof, large sums of money are often changing hands within the sport. From television and sponsorship deals worth billions of dollars, to certain players earning weekly wages to the tune of $ 400 000. One might argue that […]

Alvin Roth’s Kidney Matching Algorithm: A Practical Matching Market Example

http://www.npr.org/sections/health-shots/2015/06/11/412224854/how-an-economist-helped-patients-find-the-right-kidney-donor This article describes how Alvin Roth, a 2012 Economic Science Nobel Prize winner, applied his understanding of matching markets to improve New York City’s high school lottery, the assignment of medical residencies, and finding kidney donors. The hardships that come with kidney transplants are that there are not many donors, so it is not […]

Lack of Market Clearing in Labor Market

We’ve talked about market clearing prices in class mostly in terms of physical objects such as items that certain people want to buy that are valued at a certain amount. Doing so will help find an equilibrium price where we match a good or service to a consumer according to a perfect matching in the […]

The Chinese “Marriage Market”

Link: http://www.newsweek.com/2015/06/05/gender-imbalance-china-one-child-law-backfired-men-336435.html   Concepts: outside options, constricted sets   Since the one-child policy was enacted in China, the boy-to-girl birth ratio has hovered around 1.16, resulting in a projected 30 million men unable to find a female spouse. This has resulted in a constricted set between marriage-age women and men, as men seeking wives far […]

Networks in AI Deep Neural Networks

In similar manner to a brain, artificial deep neural networks emulate manners in how signals and information are analyzed and combined together. in both cases, when information is received, the information is compared to previous knowledge and concepts and patterns are found. These patterns and connections create a graph just like we discussed in the […]

Mayweather v McGregor: Bargaining Power

https://www.thenational.ae/business/economy/economics-101-why-did-mayweather-earn-so-much-more-than-mcgregor-1.625040   In late August, boxer Floyd Mayweather faced off against mixed martial artist Conor McGregor in a showing that raked in millions of viewers, and yet the fighters earned starkly different amounts—Mayweather took $300 million, while McGregor only took $100 million. The explanation, as the piece points out, rests in the power that outside […]

Rubicon Project and the Benefits of First Price Auctions in Online Advertising

The online advertising tech firm Rubicon Project has decided to switch many of its auctions from second price auctions to first price auctions. They cite that, in doing this non-permanent transition, it will help to understand market values more as they hope it will allow more transparency in the auction process. While they understand the […]

Clicking the first link on Wikipedia Pages Leads to “Philosophy”

I have always heard that if you click on the first link on a Wikipedia page and then keep clicking the first links on successive pages, then you will almost always end up on the page “philosophy.” When we first began learning about page rank, I always assumed that the philosophy page would have a […]

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