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Published: Jul 18 , 2013
Author: Alan Smith

Earlier this month a Chinese sky lantern lit up the Jayplus recycling unit in Smethwick, near burning Birmingham. The resulting inferno was visible from 80 miles away and damages were reported to cost £6 million. As well as this, there was a significant risk shouldered by the heroic fire service managing the disaster. While it is true that we may not always be able to anticipate the end results of our actions, this does not mean that we should not even try.

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The Ultimate Game Theory Strategy

‘The Prisoners’ Dilemma’ is a popular game theory example involving a two-person game of strategic interaction. One version is as follows. Two prisoners are accused of a crime. If one confesses and the other does not, the one who confesses will be released immediately and the other will spend 20 years in prison. If neither confesses, each will be held for only a few months. If both confess, they each spend 15 years in prison. This creates a paradox in decision analysis in which two individuals acting in their own self-interest do not produce the optimal outcome...

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