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Published: Oct 31 , 2014
Author: Stephen White

There is a sweet story about a car mechanic who is fixing the engine of the car belonging to an eminent heart surgeon. The surgeon arrives in the repair shop whilst the job is still not quite completed. The mechanic calls the doctor over to have a look under the bonnet. “You and I do the same job, Doc. I opened the engine’s heart, took the valves out, I am repairing and replacing anything damaged and then I will put everything back together and when it is finished, it will work like new. Just like you do. So how come I earn £40,000 a year and you earn £400,000 a year?”...

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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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