Highlighting the hidden danger of big data
In game theory, the “price of anarchy” describes how individuals acting in their own self-interest within a larger system tend to reduce that larger system’s efficiency. It is a ubiquitous phenomenon, one that almost all of us confront, in some form, on a regular basis.
For example, if you are a city planner in charge of traffic management, there are two ways you can address traffic flows in your city.
