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Published: Mar 20 , 2015
Author: Alan Smith

What price is cost control? There is a natural tendency for us all to be looking to drive down the cost of what we buy. We all do it. Even those of us who sell stuff, services or products for a living will need to buy, and the same is true for those who buy; they often have to sell, even if it just themselves to the man. But the problem of focusing exclusively on cost as an issue was brought home to me again when I glanced at the ingredients on my recently consumed, Bakewell Tart...

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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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