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November TransTalk

November 3, 2012

The November ITSO TransTalk is coming up soon! It will also serve as an OR/MS Seminar to be held in collaboration with the student INFORMS chapter on campus.

When: Friday, November 16
Presentation from 12:20-1:20 pm
Where: CivE 210 on the U of M campus
No need to RSVP!

Title: The Price of Myopia, Isolation, and Fairness in Transportation and Production

Speaker: Professor Shuzhong Zhang from U of M IE Department
(Based on joint work with Simai He and Xiaoguo Wang)

Lack of coordination and lack of long-term planning can evidently cause the performance of a system to deteriorate. The real hard question is: Can we quantify the deterioration? In this talk, we present a study of system inefficiencies caused by the selfish nature in non-cooperative game models and/or myopic and greedy attitude in dynamic decision-making process. To this end, we shall introduce the notion of myopic Nash equilibrium for non-cooperative dynamic games, and then introduce the notion of Price of Isolation (PoI), which is the ratio between the worst social value of myopic Nash solutions and the optimal social value. Exact bounds are demonstrated for dynamic transportation game and dynamic Cournot competition model. While a socially optimal solution is efficient, they may not be fair. In this context, we shall also discuss the notion of Price of Fairness for a resource competition game.

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