How Facebook Used VCG Auctions to Change Online Advertising
Today more than ever, companies rely on advertisements to increase their profits. Every time I log into Instagram or Facebook, I see an ad for a product or company that is very relevant to me. To accomplish this, Facebook uses a system called a Vickery-Clarke-Groves (or VCG) auction. John Hegeman, Facebook’s Chief Economist, said that […]
Information Cascades and the Hung Jury Paradox
In the 1970 court case Williams v. Florida, the Supreme Court ruled that the 12 person jury, a legal fixture originating in at least the 14th century, is not constitutionally mandated. In response, several states swiftly shrunk the size of their juries. Florida, for example, chopped theirs in half: 6 people serve on all trials […]
How Information Cascades Build Multi-Level Marketing Schemes
According to the Federal Trade Commission, Multi-Level Marketing schemes, or MLMs, prioritize the recruitment of new distributors over the sale of products directly to customers. Some of the most famous MLMs include Avon, Mary Kay, and Tupperware. Recently, the release of the Prime Video series LuLaRich introduced many viewers to the MLM LuLaRoe, a women’s […]
Creativity and Connectedness
Creativity is vital to mankind’s progress. Thus, it is important to have a good understanding of the factors that impact it. The recent academic paper “Impact of network structure on collective learning: An experimental study in a data science competition” discusses the relationship between creativity and network connectivity properties. The paper is written by Devon […]
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