Auctions and power in networks in relation to vaccine distribution
While the United States may be pushing to get its population fully vaccinated, there are many poorer countries like Guinea who have only vaccinated less than 1 percent of their population. According to Vox, “If these glaring inequities in vaccine access continue, it will take at least two years for the world’s poorest countries, which […]
How Game Theory Affects Retail Pricing
Retailers like P&G and Unilever must strategically price their items in an effort to increase profits and attract consumers away from competitive products. One way that they do so is by using frameworks from game theory. Using game theory for pricing consumer packaged goods has been common in the past few decades. In 1991, P&G […]
How Panic Buying related to Game Theory
The phenomenon of consumers flocking to markets to urgently stock up items is termed “panic buying”. Panic buying happened at the beginning of the COVID-19 outbreak. In spring 2020, the price of toilet paper on eBay sky-rocketed, accompanied by empty shelves at grocery stores. A similar phenomenon happened before during the 2011 Fukushima Daiichi Accident. […]