Monthly Archives: November 2013
Crunch of the semester over the last couple of weeks. Regular blogging will pick back up after the Thanksgiving break!
From the wonderful tumblr Econlolcats:
In Simpler, Cass Sunstein sets the behavioral economics stage by framing the impacts of either staying the course or effortfully taking an action. Often, the choices we make can be thought of as either “do nothing” (and stay the course) or “do something” and decide to engage in a particular action. So the decision to eat a brownie might […]
Ben Blatt at Slate uses game theory and statistical analysis to give some compelling winning strategies for every game on The Price Is Right. From bidding in the opening round (auction theory), to playing each game (dynamic game theory and much more) and spinning the big wheel. So if you are planning on hanging out with […]
Truly neat innovation, even if the automobile isn’t going anywhere.
The way we develop our own ideas of the likelihood of an event happening can be greatly influenced by the environment around us. These “subjective probabilities” then form the basis of decisions we make when there is risk involved – but if these probabilities are off, we can end up making decisions that are off […]
A classic application of game theory on the British show Golden Balls: Thanks to a student for sharing this one!