Could Game Theory Help In Tackling PPE Shortages Among Health Care Workers? 

The use of Personal Protective Equipment (PPE) has seen widespread adoption since the coronavirus hit the globe. The World Health Organization recommends healthcare workers wear surgical masks, goggles, or face shields, gowns, and gloves to be worn as PPE in a bid to reduce the spread of the coronavirus. 

In some procedures, healthcare providers can be exposed to aerosols. This is where the N95 or FFP2/3 replaces the surgical mask since it is known to filter 94% of aerosols. And as coronavirus cases continue to skyrocket, the dynamics of PPEs have also followed suit.  

As a result, there’s a widespread shortage in countries that desperately need them. As such, there’s been a rapid transmission of the virus from patients to health practitioners which has continued to hamper healthcare service provision.  

For this, researchers say that game theory can help address this issue. In a study lead by author, Dr. Luluwah  Al-Fagih from Kingston University, U.K, Jean-Christophe Nebel, and colleagues, came up with a game theory model that would help in stock management of PPEs in English National Health Service (NHS) hospitals. 

They say that game theory allows for decentralized decision making which can improve the distribution of PPEs. “For instance, they can schedule their orders to minimize their own costs. The decentralized approach leaves the actors with more freedom and is the more applicable direction for our scenario,” the researchers wrote. 

In this case, “players” can be organizations, governments, and private firms. The behavior of these actors is encapsulated in a mathematical model that is then solved through an algorithm. 

Source: https://www.forbes.com/sites/anuradhavaranasi/2021/01/31/covid-19-could-game-theory-help-in-tackling-ppe-shortages-among-health-care-workers/?sh=2b8d612994db 

Government’s ‘game theory’ tactic promises cascade of KiwiSaver fee cuts 

KiwiSavers can expect a reduction in fees following the Government’s implementation of “game theory” according to a KiwiSaver provider. The government is expected in May to announce which of the nine providers will keep their status.  

The default providers are Mercer and Westpac, Fisher Two, Kiwi Wealth, Booster, Bank of New Zealand, AMP, ANZ, and ASB. The government is set to allocate users to the providers if the users do not choose a provider in the first place. 

Since its launch in 2007, the providers have had smooth and profitable sailing. By the end of September, the nine default providers had a combined $10.4 billion invested in them by the public. As such, any provider that will its status is likely to lose its users to its rivals. 

One KiwiSaver provider said that the government is implementing the game theory tactic to force them to cut fees.  “This is their big shot to change industry behavior,” the source said. Since its launch, fees still remain a contentious issue with the former commerce minister Kris Faafoi saying that fees would be a crucial factor in deciding which provider would retain its status. 

However, some providers have cut fees such as Westpac, AMP, and Mercer. The $10.4 billion default funds are termed conservative funds with the largest share being invested in cash and bonds. But by November, the funds are expected to be balanced with the largest share being invested in shares.  

While not all default providers have performed equally well, most market participants don’t expect them to lose their status. “I don’t believe the Government will say to any of them, ‘You’re no longer a default provider,’” said KiwiSaver researcher Clive Fernandes from National Capital. 

Source: https://www.stuff.co.nz/business/123988180/governments-game-theory-tactic-promises-cascade-of-kiwisaver-fee-cuts 

 Game Theory Can Bring a Tragic Solution amid Brinkmanship 

Brinkmanship is a situation where two parties present extreme demands at the negotiation table that makes it too hard for a consensus to be attained. This state matter exposes each party to a near disaster situation. This state of brinkmanship is caused by a prospective significant economic loss that will interfere with the general well-being of an entity. Also, it could be triggered by a situation where one entity’s political influence is at the point of power loss. To respond to this tricky situation, the affected party tries to escalate the situation to the extreme with the hope that it could regain its initial state or even make it better. 

In the recent past, the farmers’ movement in India has been gaining traction as it has mobilized its members to protest against three farm bills that had been passed, which eyed bringing a new agricultural era of efficiency and effectiveness. This would happen through consolidating landholdings, intensive investments in supply chain substructure as well as disintermediating the chain of supply. Contrary, the affluent landowners are not sure whether the new regime is going to benefit them as their prospects are not merely observed through a means of commerce lens. Since the government under the new rules intended to have land being used as collateral for loans, that makes it to be seized from a defaulter, landowners have dissentious views on the laws and are demanding for them to be repealed. 

The hot contention between the government and the farmers has got two possible ends if game theory is applied. Firstly, the game theory proposes that the government reaches a consensus with farmers to repeal the laws or secondly, go ahead and frustrate the movement leading to mushrooming of armed resistance. This will be a tragic state for the country. 

References 

https://www.livemint.com/opinion/online-views/the-tragic-game-theory-of-our-standoff-over-farm-laws-11609865966523.html

 Kickstarter Campaign for the Origins Board Game Table 

Game Theory Tables spent the last fall in campaigning for their Origins Game Table through a “YouStarter” campaign which bore much fruit. It is, however, worth noting that the campaign was just a trial for the main event that would comprise a 30-day thorough Kickstarter campaign for the Origins table. During this Origins table campaign, Game Theory Tables has several options available for the participants. This article highlights some of these options. 

During the launch, there shall be two pledge levels that one could commit to. Firstly, neoprene mat that would cost $44 and an Origins Game Table that will go for $1499. The costs are all-inclusive of the shipping costs for those in the 48 states in the lower parts. The Origins Game Table comes with three separate colours with yet a fourth one, a Kickstarter exclusive colour that is to be unveiled during the campaign. 

The campaign and pledging are going to be a highly competitive one because how fast you receive your mat is determined by when one gives in their pledge. For the first wave of pledges, will be receiving their first batch of tables in August 2021c while the second wave will be dispatched later in November 2021. Each of the waves only has 500 backers implying delivery will be done on first come first serve basis. 

Furthermore, several adds-on will be availed during the campaign such as adding more mats, customized play surfaces, a dice-tower and a 3-piece dining top. Also, tiered trays with specific designs to fit the Origins Table and many more offers. There will also be additional stretch goals yet to unlock during the campaign. 

References 

Kickstarter Tabletop Alert: The Origins Board Game Table From Game Theory Tables

Game Theorists Suggest a Better Strategy for Cybersecurity 

Many countries in the world have been marred with myriads of cyberattacks in the recent past. In many instances, countries have not known the proper way to respond to the attacks. In the worst-case scenarios, some countries did not realize they had been attacked until after some time, even years after and the consequences are unfathomable. The most recent cyberattack was launched by Russian hackers against South Korea when the later hosted the 2018 Winter Olympics. Television transmissions and internet connectivity were hampered. Despite the situation having been redeemed in a short while, the impact had been felt greatly. Unfortunately, the hackers were undetectable since the IP addresses used in the attack were from North Korea. As it is in military attacks, the most spontaneous response is deterrence and retaliation. However, in this case, the most probable country to face retaliation would certainly have been North Korea, which did not facilitate the attack. 

According to game theorists, retaliatory discourses in cyberattacks is more complicated compared to the conventional military retaliation against the enemies. Game theory dictates that it is not necessary to retaliate after every attack signal. Selective retaliation is the way to go. In selective retaliation, simultaneous detection of attacks and the tracing the origin of attacks is done so that the attacked country can easily locate the country involved for retaliation. The attribution element should be minimized for proper detection of attacks and their sources to be effective. Keeping this in mind will allow retaliation after the clearest signal with no trace of ambiguity because it is certain that retaliating after every attack only raises the chance of retaliating to incorrect alarms. 

References 

https://scienceblog.com/519953/a-better-kind-of-cybersecurity-strategy/

 Goal Reached and Surpassed Three-Fold by Game Theorists’ $1,000,000 Challenge for St. Jude Children’s Hospital  

This year’s #Giving Tuesday hosted by YouTube Game Theorists Matthew Patrick and Stephanie Patrick exceeded the target three times in a live-streamed funds drive channelled towards supporting St Jude Children’s Hospital in combating children cancer and research. The charity stream brought together more than 30 most popular YouTube content developers, an event that bore more than $3,000,000 for the noble task. Some of the highlights aired during the charity Livestream include IQ trivia challenge, a full canned vegetable tub with a donation worth $25,000 hidden in it, robotic haircuts, a new way of playing Five Nights at Freddy’s (world premiere) and a Melbourne virtual HITT class and a lot more of YouTube content from the developers.  

Among celebrities that made an appearance during the 9-hour stream included the YouTube CEO, Susan Wojcicki, who surprised the hosts with a $450,000 contribution. The appearance was geared towards adding fun while supporting St Jude in its lifesaving mandate. It is worth noting that as a result of the generous contributions and donations received from such drives, St Jude does not present their clients with a bill of any kind, not even for food or travel. The families to the children attended at St Jude Children’s Hospital should only be concerned about the hospital helping their children live. A link is provided for those who would like to continue contributing (https://tiltify.com/@st-jude/game-theorist-for-st-jude-2020) or one can contribute by watching the complete stream provided at The Game Theorists YouTube channel. 

St Jude Children’s Hospital has led the world in understanding and treating cancer among children and other diseases that are a threat to the world through their clear purpose: “Finding Cures. Saving Children.” This commitment has seen the survival rate of cancer children rise steadily from 20% to 80% over the 50 years of operation. St Jude Hospital generously shares discoveries made about any child who has been treated to recovery to the world to have more children saved by doctors and scientists worldwide using the discoveries. 

References 

https://www.prnewswire.com/news-releases/game-theory-1-000-000-challenge-for-st-jude-childrens-research-hospital-triples-goal-raises-3-000-000–301183592.html

Game Theory Explains Why News Networks Held Calling Off Elections for A While 

Looking back at the recent events, major news networks and newspapers have called the US presidential election for Joe Biden in 2020. However, it is worth noting that they had declined to make a formal call as much as their analysis made it known that they felt Biden’s election was inevitable. Therefore, the question lies in why the delay was long and why there was a sudden decision made at all once. 

While there is still no clear information given what is presently known, Henry Farell writes that there is a high plausible explanation based on game theory, a process to understanding the world used by economists and political scientists. 

According to Farell, game theory is about understanding when individuals coordinate and when coordination fails. How is it that, at times, people figure out how to cooperate even without accessible communication? Why do people fail to work together even when cooperation would be in everyone’s collective interest? As Farell puts it, these are some of the puzzles that game theorists’ study. While crucial game theory can be heavily mathematical, people can hold on to several of the fundamental insights very first. 

Some of the core insights were created by Thomas Schelling, a Nobel Prize-winning game theorist whose ideas are still applicable at the core of US nuclear strategy. Schelling wanted to understand how people could coordinate one particular solution out of many. He explained a thought experiment, consider that one has to meet someone in New York City on a particular day, but one is not able to talk with that person and have no idea of where the meeting point nor the time. 

There are numerous possible places one might meet, and at different times of the day. However, Schelling suggested that individuals would narrow down the list of more likely choices very fast. Schelling believed that people would end up meeting at midday at Grand Central Terminal. 

Reference 

https://www.washingtonpost.com/politics/2020/11/07/want-know-why-networks-finally-called-it-biden-heres-likely-reason/

How Auctions Can Drive Down Carbon Emissions in Game Theory 

Various people would argue that the global financial crisis of 2007-09 taught people more than just irrelevance and the dangers of economic theory. Even so, the Nobel committee has awarded its economic prize for 2020 to two theorists, Paul Milgrom, and Robert Wilson, for advances in game theory and specifically auctions. 

According to Robin Mason from the University of Birmingham, the committee was right to give them the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for more than one reason. The first being that the theoretical advances made by the Stanford professors are in themselves worthy of the prize.  

Bob Wilson moved past William Vickery’s work, who was a Nobel Laurette in 1996. Vickery was the first to employ game theory to explain how auctions take place. He talked in the crucial case where the value one bidder ascribes to the auctioned item is unrelated to any other bidder’s value, known as the “private values” case. Instead, he focused on “common values,” where individuals are attempting to win an item that they both values equally; however, both are uncertain of its value. 

This could be used in companies bidding for the rights to an oil field; say, if one entity estimates that there is a lot of oil in the field, then it is more likely (however, not certain) that the others do as well. Equally, the company could apply to people bidding on eBay for an object discounted from its usual retail price (one incredible side note to the Nobel award is that Bob Wilson admits to having participated in only one auction; to purchase ski boots on eBay). 

A crucial insight of Wilson’s analysis is the need for bidders to avoid the “winner’s curse”. Winning often means outbidding the other in the activity; however, if others bid less, it then means that they think winning is less valuable than the other party does. 

Reference 

https://theconversation.com/nobel-economics-prize-wilson-and-milgroms-insights-into-auctions-could-drive-down-carbon-emissions-148019

A Young Graduate Develops a DeFi Platform Through Study of Game Theory and Cryptocurrency 

Jack Lu, 23 years of age, is a Chinese national who discovered his new platform, DeFi Platform Bounce as he worked on his thesis in game theory and cryptocurrency at the Reed College in California. With so many discussions going on about lending and borrowing as well as the provision of liquidity and creation of Uniswap, Lu was keen to realize by the use of the game theory that there was a missing part. This was auctions. 

DeFi platform Bounce as described by Lu is an eBay, Christies or Sotheby’s but in a decentralized form. On this platform, users are enabled to set pools up in for auctioning tokens. Also, they can play around with parameters, for instance, the numbers that should be swapped, they can determine the time limit and come up with as many different ways of bidding as possible. His three peers with whom he worked were Andre Cronje, Yearn.Finance, Calvin Liu, Compound and Kain Warwick, Synthetix. 

Having co-founded the platform with Ankr, Chandler Song’s CEO, Lu explains how as row as it was, the platform was launched and went live on 4th August. Lu acknowledges partnering with many other friends to have made this a reality. The platform has only been in operation for about 2 months but it is already placed position nine on gas station, ETH.

Within this short time, more than 2700 pools have been set up on the platform and far much more than 500000 Ether of $179M dollar equivalence has been exchanged through its Ethereum version. Bounce, one of the five major projects that had been announced to go to the Binance Smart Chain has also seen great success as more than 700000 BNB which is equivalent to $18.5M got swapped via this version since September. The site provides two types of auctions, Fixed Swap and Sealed Bid Auctions.

Reference

Game theory meets DeFi: Bouncing ideas around tokenomic design

Economics’ Nobel Prize Awarded to US Specialists in Game Theory

This year’s economics Nobel Prize was awarded to two US specialists in game theory on Monday. This has happened after a 26 -year-long wait since John Nash was awarded for his amazing work in the same subject. He got depicted by Russell Crowe in a 2001 film: “A Beautiful Mind” because his was a groundbreaking piece of work done in the subject.

The two winners are Americans by names Paul R Milgrom and Robert B Wilson who were awarded for winning in designing mathematical models that are aimed at promoting “improvements to auction theory and inventions of new auction formats”. this was announced by Göran K Hansson, the current secretary-general of the Royal Swedish Academy of Sciences.

The 72-year-old Milgrom is an outstanding professor of sciences and humanities at the Shirley and Leonard Ely which is at the Stanford University. He developed the auction theory with his colleague and supervisor at the same university, Wilson, who is 83.

This important award was the final one for this week’s Nobel prizes and it comes with a cash prize worth 10m kronas and a gold medal. It is also known technically as the “Sveriges Riksbank Prize in Economic Sciences” done in remembrance of Alfred Nobel.

The auction theory is a branch of game theory that was developed end of the 1970s and early 1980s. This was after several researchers come together and decided to build mathematical models that could be used to introduce information and incentives into the bidding and the auctioning process. This would serve to maintain a fair market and minimize and prevent a lot of collisions that had been witnessed among bidder. to maintain a fair market and prevent collusion among the bidders.

References

https://www.theguardian.com/science/2020/oct/12/us-game-theory-specialists-win-nobel-prize-in-economics