Posts Tagged ‘game theory’

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    Congressional Deficit “Games”

    Sep 25, 11 • 427 Views • No Comments

    Composed of 6 Democrats and 6 Republicans, the congressional super committee is supposed to create a deficit reduction plan. If they do not propose the plan or if Congress does not approve their plan, then automatic cuts are triggered. The automatic cuts......  [read more]

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    OPEC and the Prisoners’ Dilemma

    Jun 10, 11 • 1904 Views • No Comments

    Faced with rising prices and pressure to increase production what should OPEC (the Organization of Petroleum Exporting Countries) do? They could not agree. Why? Maybe it’s the prisoners’ dilemma. Picture for a moment 2 (guilty) suspects.......  [read more]

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    Ivy League Games

    Feb 26, 11 • 536 Views • No Comments

    Joining Harvard and the multitudes they hoped would follow, in 2006, Princeton eliminated its early admissions option. Now, with Harvard and the University of Virginia, Princeton has said it will return to early admissions because few followed. The Economic......  [read more]

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    World Cup Soccer and Game Theory

    Dec 7, 10 • 449 Views • No Comments

    Economists can explain more about soccer than we might expect. Why, for example, do players rarely kick down the middle when taking a penalty? This takes us to “The Prisoners’ Dilemma.” Please assume that when arrested, two bank robbers do......  [read more]