The telecom war between Reliance Jio and Airtel was only a preamble to the impending battle between Google and Jio. Nitish Kumar broke the mahagathbandhan while seeming to try to bend RJD to his will. All the schmoozing between Trump and Xi hasn’t reduced the North Korean nuclear threat. Could we have predicted these outcomes before they actually happened? Yes we could have—not with IQ or EQ, but with ‘Game Theoretic Quotient’. A new intelligence, a new way of looking at the world. Game Sutra highlights the underlying strategic considerations of entities as diverse as heads of state, bitcoin miners and CEOs of internet companies to explain their decisive choices. Immerse yourself in its heady mix of cogent fact and smart analysis to develop your ‘game theoretic quotient’. Your world will never be the same again.
Chapter 46: How to Buy Cricketers and Coal Blocks
How to Buy Cricketers and Coal Blocks
One of the most important areas of applications of game theory is in the design of auctions. Some of the important theoretical results in single-object auctions that form the underpinning of the practical recommendations are outlined here.
The blueprint of bids is a serious matter
It isn't just one of your holiday games
You may think at first I'm as mad as a hatter
When I tell you, auctions must have THREE DIFFERENT AIMS.85
(With apologies to T. S. Eliot)
Think of auctions and what came to mind, till a few years ago, were flamboyant auctioneers, works of art and nail-biting bidding duels between barons of high industry. These duels, like the World Wrestling Entertainment bouts, were ...