Mathematical models describe a real-life phenomenon, using mathematical language. The model will not exactly be like the reality, but can be used to learn from and help us make decisions.
Think of a local car dealer selling cars in your region. To make sure new cars are delivered on time a whole mechanism involving various people, factories, and transport companies, must operate in coordination. This is a highly complex process where mathematics plays an important role.
Often due to large waiting times customers abandon shops (online or physical), and owners don't realize that they have left. We call this a loss of opportunity. This is an important concept in queueing theory.
Between 1973 and 1986 multiple rapes and murders were committed in the state of California. Years later the idea was raised that these crimes might be connected. But traditional DNA analysis from the samples found at the crime scenes, could not identify the culprit.
Trust is required when we buy a used car from a personal connection or via-via. When we vote for a politician we trust that they will act in our favour. In this article we will explore how Game Theory is used in attempts to model trust and cooperation.
