I actually liked a recent story on NBC News: Congress had voted to spend $2.5Billion to continue building Boeing C-17's despite the President and the Pentagon had urged to stop building them because there's already a huge excess.
Why waste $2.5B on C-17's that nobody needs? Congress voted in the name to save jobs! See, C-17 parts come from 44 states. Non of the politicians in Washington wants to be blamed for jobs lost in their states! In addition to the 43 planes built since '06, That's 53 C-17's (excess of $12Billion in aggregate) to save... 20,000 jobs! Nice played, Congress!
This is sort of like Prisoner's Dilemma, in which every politician acts on his own interest but collectively have achieved a worse outcome. It might be wise to use that $12B to create new jobs!
This is sort of like Prisoner's Dilemma, in which every politician acts on his own interest but collectively have achieved a worse outcome. It might be wise to use that $12B to create new jobs!
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On another note, while reading a book on game theory, I was inspired to develop a game theory model for approaching relationships. I wasn't getting anywhere far - human emotions are kinda difficult for a beginner (modeler, game theorist) like me to model. I wonder if there are any work on this... While I was searching on the net, I wonder how useful such a model actually is. Any empirical data on this?!
A voice of Fischer Black rings in my ear:
In the end, a theory is accepted not because it is confirmed by conventional empirical tests, but because researchers persuade one another that the theory is correct and relevant.
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