Matching Markets in Residency Programs
The concepts associated with graph theory, networks, and game theory can seem a bit abstract when they’re just laid out as variables and numbers in a textbook, but they have a vast array of applications to the real world—and not just in traditional sectors like economics. We can see applications of game theory and market […]
Auction of collection of Lincoln artifacts
nytimes.com/2018/09/17/arts/harold-holzer-lincoln-auction.html This article discusses the auction of an extensive collection of Abraham Lincoln related artifacts that will take place on September 27th. This collection contains many unique artifacts (around 740), the values of which cannot be calculated. The owner of these artifacts, Harold Holzer, had spent roughly 50 years hunting for these artifacts, which will […]
Benefits of Weak Ties
http://www.post-gazette.com/news/health/2018/07/17/casual-relationships-to-others-can-better-your-health-Sheldon-Cohen-Carnegie-Mellon-University-of-Texas/stories/201807170002 What if I told you that your relationship to those couple of friends on Facebook, gym buddy, or even neighbor down the street was leading to the improving of both your physical and mental health? The author in the article linked above argues that casual interactions and weak ties in one’s network is associated […]
Blockchain Dapps as a Model for Traffic and Nodes
https://www.economist.com/special-report/2018/06/30/blockchain-technology-may-offer-a-way-to-re-decentralise-the-internet The article linked above is one of many special reports by The Economist; this edition covers the sudden advent of decentralized applications (dapps) upon the invention of blockchain. Dapps, while not as of yet a household name, are among the up-and-coming trends made possible by blockchain and crypto-currency technology. Our current status quo for […]
Can game theory prevent disease outbreaks?
Its often difficult for authorities to decide what to do when there’s a disease outbreak, sick people on a plane, or general vaccination procedures. For example, weighing the upfront cost of vaccination (financial, time, pain, possible immune system reaction) in comparison to the benefit (not getting sick) seems like a straight-forward decision. However, if everyone […]
Madman Theory
https://www.theatlantic.com/international/archive/2017/10/madman-theory-trump-north-korea/542055/ One of the strongest brand clamping down on our nation is Trump. Trump has been tremendously successful at imposing himself as the craziest and most bizarre ‘the Madman’ on the block. In late 2017, Trump told the U.S. trade representative, “You tell [the South Koreans] if they don’t give the concessions now, this crazy […]
Why Startups Are Leaving Silicon Valley
https://www.economist.com/leaders/2018/08/30/why-startups-are-leaving-silicon-valley In the September 1st cover story of The Economist the author makes the bold claim that Silicon Valley has reached its peak and supports the claim with evidence that brings into play important concepts we’ve covered in class. Despite all of the merit and glory of the Valley, it seems as though people are […]
Game Theory as it Applies to High Competition Industries and Areas
https://www.sciencedaily.com/releases/2018/09/180919144923.htm The following article discusses an interesting relationship between external competition and how that affects “player strategy” and Nash equilibrium. According to the author of the piece, those who function within a more competitive and high stakes environment tend to elicit behavior that benefits others at higher rates. This conclusion was first derived from a […]
What is the value of a paperclip?
Source: https://www.youtube.com/watch?v=8s3bdVxuFBs I was recently listening to an episode of “Ted Radio Hour” and I came across this Ted talk (linked above) about someone who traded a paperclip for a house on Craigslist. Kyle MacDonald, the mastermind behind this crazy idea, wondered if he could trade a red paperclip for anything–maybe something grand like a […]
The Trade War between the U.S. and China: A Prisoner’s Dilemma
https://www.ft.com/content/d288a98e-2e90-11e8-9b4b-bc4b9f08f381 It’s been almost three months since the Trump administration imposed its first round of tariffs on some $34 billion of Chinese goods. In that time, economists and investors have projected various iterations of a dismal domino effect in which the U.S and China repeatedly retaliate with tariffs against one another. In his article “Trade […]
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