The Disputed Garment Problem: the Maths of Bargaining and Arbitration

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• Professor Richard Weber, University of Cambridge
• Thursday 07 February 2008, 17:00-18:00
• MR2, Mathematical Sciences, Centre for.

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This talk will illustrate how mathematics can be used in decision-making, focusing specifically on mathematical ways in which to decide the outcome of disputes. For example, suppose a company goes bankrupt and has only £4 million left to divide amongst its creditors. What is a sensible way for the remaining money to be partitioned amongst three creditors who are respectively owed £1 million, £2 million and £3 million? Should they receive equal shares, proportional shares, or something else? This type of problem can be found as far back as 600 AD in the Babylonian Talmud. In modern times, bargaining questions also formed part of the famous work of the Nobel Laureate John Nash.

About the speaker: Richard Weber is Churchill Professor of Mathematics for Operational Research. He is interested in problems in communications and systems, and the mathematics of optimization, algorithms, probability and game theory. He once had a particularly exciting opportunity to apply his knowledge of game theory when appearing as a contestant on “Who Wants to be a Millionaire?”.

Audience: ages 16+, general public

Admission to the lecture is free but by ticket only. For tickets please e-mail Heather Benucci at mmptalks@hermes.cam.ac.uk or call 01223 766839; include your name, the title and date of the lecture, the number of tickets requested and a postal address in your message.

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This talk is part of the Millennium Mathematics Project series.

This talk is included in these lists:

• Eight and up
• MR2, Mathematical Sciences, Centre for

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