Braess Paradox Applications
In class we recently discussed the idea of the Braess Paradox. The phenomenon where when a road is added to a network, it can actually slow down overall traffic flow through the network. I found the following article discussing this paradox. I really liked this article because it helped explain Braess Paradox through the lens of human behavior and motivation. It helped me understand this counterintuitive example by explaining it through the lens of human selfishness and the psychology of how people act. After reading this article I kept searching for more information about the Braess Paradox.
The second article I read is about applications of the paradox in situations other than a traffic system. People are impacted by their social environments, and will make decisions based on their friends’ decisions. For example, by limiting the number of options available to consumers, leads to better outcomes. Since too many options reduces the chance of the optimal choice, it actually makes sense when applied to other environments as well. By reducing the number of options, the optimal choice will become a lot more apparent because it is not hidden within tons and tons of options. It is interesting to see this phenomenon which we have confined to one type of environment applied to another and having the same affect. This approach to the phenomena in other contexts can impact market dynamics and structures.
https://www.forbes.com/sites/quora/2016/10/20/bad-traffic-blame-braess-paradox/?sh=11125fc614b5