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Game Theory Blog

Even bank robbers can turn a hopeless situation to their advantage by using game theory.

...and how she used the subtle power of agenda setting

“What’s for dinner?” is a question that can be heard around the world on a daily basis, often asked after a hard day(‘s night) with urgency in anticipation of some delicious culinary delights. And yet, the issue of what’s for dinner is never more important than on...

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?

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.

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...

In the race to have an advantage in customer retention, most airline companies rely on a cumulative points system to unlock status and purchasing power on duty free items. Behavioural science, the study of human irrationality, can often introduce improvements to traditional solutions: