A Tragedy In 3 Acts: Property Rights, Video Game Consoles, and Our Natural Resources
This blog post was originally going to focus on a diffusion model for people abandoning cities due to the collapse of mass transit (you can read the WIRED article here). However, after the property lecture I was struck by a “cow” of a problem I had read about over the weekend: video game consoles. The […]
The Tragedy of the Internet of Things
IoT is the concept of having everyday objects be connected in an online network. It has been conceptualized and realized in areas such as smart cities, to manage things like transportation system and water supply, or wearable technology, to store a person’s heart rate and sleep pattern. Iot would give us the ability to collected […]
Implications of the Tragedies of the Commons
Link: http://phys.org/news/2016-11-game-theory-tragedies-commons-averted.html In class, we learned about the “Tragedy of the Commons”, a concept first introduced by ecologist Garrett Hardin about 50 years ago. The commonly known example related to this idea presents a situation in which there are multiple farmers with multiple grazing animals; in this situation, there is a common pasture where all […]
The Tragedy of the Extra Credit
This article was originally sparked by a viral tweet from a student about an extra credit problem he was given on one of their exams. Essentially, the question was to choose to receive either 2 bonus points or 6 bonus points, however the tragedy was that if over 10% of the class chose 6 points, […]
Averting a Common Tragedy
In the recently held C40 Summit, the network of 40 international cities that meet to discuss ways to battle drastic climate change, 4 major cities pledged to completely ban the usage of diesel. Unlike in the United States where diesel usage is insignificant, these 4 cities – Paris, Madrid, Athens, and Mexico City – […]
Tragedy of the Atmosphere
The tragedy of the commons is the phenomenon that arises when shared resources are used inefficiently in societies. In class, we discussed a simple, allegoric example of this effect: cows grazing on a shared community field. In this example, when individuals try to use the shared resource too much, the community as a whole is […]
Tragedy of the Common Living Space
https://icebergking.wordpress.com/2015/08/07/the-tragedy-of-the-commons-apartment-hygiene/ The article discuss the descent into the unsanitary that five roommates sharing living space experienced one summer. While not on the cutting edge of academia, this does have practical implications for students and relevance to the class. The author describes how, at first, pristine levels of hygiene are maintained. But then one spill or […]
The Braess Paradox is Alive and Well in the Streets of New York City
The Braess paradox states that adding a new strategy to a game can make everyone worse off. From this paradox, we discern that building new roads can increase congestion and removing existing roads can decrease traffic. The logic behind the paradox is similar to the Tragedy of the Commons – individuals act in their best […]
Using Game Theory to Understand and Make Choices
Jain, N. (2022, July 23). 5 game theory concepts to effectively navigate in life. Medium. https://medium.datadriveninvestor.com/5-game-theory-concepts-to-effectively-navigate-in-life-d6fbc4106675 One’s mindset on how they approach a given problem can greatly alter the ultimate result of the issue. In his article titled, “5 Game Theory Concepts to Effectively Navigate in Life,” Nishu Jain, a Software Engineer who specializes in […]
Climate Change Through A Game Theory Lens
Combatting climate change has always been a game among countries. Despite heightened consensus on the need for adequate action to reduce greenhouse gas emissions, countries continue to evaluate the incentives of both sides of the issue: whether to cooperate with others for the betterment of the Earth and security of future generations or to consider […]
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