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Game Theory Blog

We encounter cartels on a daily basis in our free time, through blockbuster TV series such as AMC’s Breaking Bad and Netflix’ El Chapo. However, cartels also affect us in our daily lives in other ways, although they tend to revolve around different commodities.

Act first to negotiate better!

Fun & everyday life

In negotiations about prices and salaries, it is best to act first to set a reference point. The other party must then negotiate starting from your reference point. This is straight forward in bilateral negotiations, but what happens if a negotiation involves three parties?

Power in negotiations comes from outside options – your own options or the other side’s, or the other side’s in another negotiation, as Apple has found out in their recent acquisition of Intel’s modem division. Intel was successful in the negotiation with Apple not because their relative power in that deal, but because...

Drivers take action, Uber does not!

Fun & everyday life Business

Uber and Lyft, famous for their innovative peer-to-peer ridesharing service and their disruption of the taxi industry, have often been criticised for the low pay of their drivers. Drivers have gone on strike in New York, San Francisco and London to demand better pay and increased job security. These strikes have seen...

In 2010, when the mayor of New York City at the time, Michael Bloomberg, closed Times Square and Herald Square to car traffic, citizens were anxious that the city’s traffic situation would become even worse than it already was. However, NYC’s streets were generally less clogged as a result, with northbound cab rides...

Djokovic - a game theory expert?

Fun & everyday life

Professional tennis is probably one of the toughest sports. As the game has shifted into the realm of high speeds and relentless rallies, equipment has gone through immense developments and players are reaching the peaks of their physical form, the hidden key to winning may now lie with game theory. Economic research...

The costumes looked great. The bags are stuffed with goodies. But the scariest part of Halloween is just getting started: dividing the spoils of trick-or-treating.

The search for alternative electoral systems has been a hot topic for quite some time.

Economics of Love Island

Fun & everyday life

If you haven’t yet watched Love Island, a British reality TV show, you haven’t missed out. Its premise is simple: a few dozen very attractive, heterosexual twenty-somethings spend seven weeks in a villa in Mallorca without much more than a bathing suit and a raging libido. Once a week they get to decide whom they want...

A couple of days before Christmas, the CEO of our company sent an email to all the staff asking for someone to research a certain topic. I was immediately reminded of an academic paper I wrote a while back that covered the volunteer’s dilemma (VD). Our CEO’s request provided an excellent opportunity to study the VD in...