Game theory in the popular press.


Game theory and economics in the news

August 8, 2006 MarketWatch, Lizards, rats & the investor's primitive brain
Even Wall Street's biggest money managers overbid in the traditional dollar auction. (by Paul B. Farrell)
July 29, 2006 Barron's, Hedging Your Hedge-Fund Bet
Argues that investors should stay away from hedge funds because of cognitive biases and the winner's curse. (by Jonathan Reiss)
July 27, 2006 USA Today, Batter up! Sports economics hits field
Discusses why economic analysis of sport is becoming increasingly more common (by Sue Kirchhoff)
April 1, 2006 Slate, There's Not Enough Money in Politics
A clever argument, applying simple insights from auction theory, that lobbyists have less power than commonly imagined. (by Tim Harford)
March 6, 2006 BusinessWeek, The Secret To Google's Success
Describes Google's and Yahoo's online auctions for ad space, delving into the theory of first- and second-price auctions, and the winner's curse.
February 6, 2006 Morningstar, Buy J&J and Avoid the Winner's Curse
In suggesting investors buy Johnson and Johnson, the article touches upon the winner's curse in takeover abttles. (by Pat Dorsey)
May 18, 2005 CBS News, Listen to the children
Major auction houses forced to play rock-paper-scissors over rights to auction eccentric millionaire's art. "Sotheby's decided to leave its decision to chance, and had no particular strategy." (by Lloyd Garver)
April 29, 2005 New York Times, Rock, Paper, Payoff: Child's Play Wins Auction House an Art Sale
Major auction houses forced to play rock-paper-scissors over rights to auction eccentric millionaire's art. "Sotheby's decided to leave its decision to chance, and had no particular strategy." (by Carol Vogel)
January 28, 2004 New York Times, In Online Auctions, Misspelling in Ads Often Spells Cash
Amusing article about how misspelled auction listings are less likely to be found and thus create an arbitrage opportunity. (by Diana Jean Schemo)
2004 Auction World, The winner's curse
A leading auctioneer discusses the winner's curse, reflecting industry experience but only a vague, rudimentary view of auction theory (by Deb Weidenhamer)
October 27, 2003 The Washington Post, Concert tickets moving to e-auctions
Ticketmaster begins to sell some concert tickets through auctions attempting to appropriate some surplus currently going to scalpers. (by Leslie Walker)
June 1, 2003 CIO Magazine, Forward thinking about reverse auctions
Points out that online auctions are not a panacea, and warns against concentrating solely on price.
April 1, 2003 Fast Company, Mars wins the shipping game
Food giant Mars Inc. applies game theory and auction theory to improve logistics and decrease shipping costs.
March 20, 2003, The mother of all gambles
Financial auction markets are better predictors of world events, from terrorism to elections.
March 1, 2003 Beyond Discovery (NSF), The bidding game
A concise introduction to auction theory, including auction types, the winner's curse, and the FCC Spectrum Auctions.
2003 Wall Street Journal Europe, A primer for government auctions
The winner's curse impacts auctions for telecom licenses. Effects could be reduced through transparency and information-sharing. (by Bhaskar Chakravorti)
August 29, 2002 New York Times, When economics shifts from science to engineering
Economists design market mechanisms including auctions and the National Resident Matching Program.
August 1, 2002 Discover, The Mathematics of... Auctions: Going Once, Going Twice
Overbidding in auctions and quantal response equilibria.
June 27, 2002 Economist, Bidding adieu?
Examines the role of the winner's curse in auctions for cell phones and IPOs.
May 2002 Wired, Winner's Curse: The 3G auctions were the last party of an old regime
Argues for an unregulated radio spectrum, without auctions distributing licenses for cell phones. (by Chris Anderson)
January 5, 2002 The Diamond Angle, The winner's curse
Baseball players are like oil wells, in that poor bidding strategy for either leads to the winner's curse. (by David Marasco)
January 3, 2002 Business World, Who will blink first in German telecoms poker?
German auction for new-generation mobile licenses
March 23, 2001 Dayton Business Journal, Game theory applied to lure health care workers
Hospitals bidding for nurses find themselves in a prisoner's dilemma.
February 8, 2001 USA Today, Cruise lines draw profits from selling works of art
How the excitement of art auctions at sea leads participants to overbid and overpay.
July 12, 2000 Financial Times, Beauty and the bidder
Auctions are useful market allocation mechanisms when the reward is mostly monetary, but do poorly when the prize is of psychological value. (by John Kay)
April 28, 2000 CNN Money, Britain's cellular bonanza
Third generation (3G) cell phone services auction in Britain
April 23, 2000 The Observer, Sold to the slyest bidder
Information and toeholds in auctions for UK soccer teams
March 20, 2000 BusinessWeek, Online Auctions: Going, Going, Gone...Sucker!
Despite the popularity of online auction sites, auctions suffer from several shortcomings including the winner's curse and design issues. (by Peter Coy)
October 23, 1999 New York Times, Selling Fashion Models' Eggs Online Raises Ethics Issues
Internet auctions take a strange turn in allocating ova to highest bidders.
April 9, 1999 Slate, My way to the eBay
Summarizes the theory of first versus second and private versus common value auctions but also discusses the role of addiction to auctions.
March 19, 1999 Slate, The agony of victory
How online auctions worsen the winner's curse by introducing more and more irrational bidders.
December 19, 1997 New Statesman, How about some Christmas brain-teasers with a twist?
Suggests Shubik's dollar auction as a fun family activity (though offers no disclaimer to the likely feud that will result).
December 2, 1996 Wireless Week, Cities bought cheaply: F-block bids go at penny a pop
The new round of the FCC specrum auctions received low prices in some areas, due to bidding increment rules and relatively low turnout.