A new casino offers the following game: you toss a coin until it comes up heads. If the first heads...
Continue reading...game theory
Envy-free Cake Division
Say you and a friend wish to share a cake. What is a “fair” way to split it? Probably you...
Continue reading...Arrow’s Impossibility Theorem
Elections are democracy in action. People go to polls and express their preferences, and somehow we must aggregate the preferences...
Continue reading...Vickrey Auction
Suppose you are hosting a silent auction to sell your antique car. The rules are: (1) prospective buyers bid for...
Continue reading...Deal or No Deal
On the TV show “Deal or No Deal”, a contestant is faced with a number of briefcases (26 in the...
Continue reading...Two Envelopes Paradox
I have two envelopes, and inside each I have put some money. In fact, one envelope contains twice as much...
Continue reading...Social Choice and the Condorcet Paradox
How should one select the winner of an election? If there are only two candidates, the answer is clear— choose the...
Continue reading...Rental Harmony
You and your college friends decide to rent a house together, and the N of you have found a house...
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