Economics History Technology

Byzantine Generals’ Problem

The Byzantine Generals’ Problem is an age-old game theory problem, where several Generals of the Byzantine army are preparing to attack an enemy city from all sides. They have surrounded the city, but they must collectively decide when to attack so the generals in charge of each regiment must coordinate together to attack on same time to overcome the defense from the enemy. If all generals attack at the same time they win, but if they attack at different times or one faulty general chooses not to fight, they lose. Each regiment has a messenger who is used as a communicator, but there is no way of knowing whether the messenger is a traitor or the message itself is intercepted by the enemy.

Economics Finance

Time Preference

Time Preference in economics, referes to the inherent human tendency to value the present satisfaction more than future satisfaction. People value goods and services available in the present more than the same goods and services available in the future. It is a concept that plays a crucial role in decision-making, especially in the realm of consumption and investment. This is largely due to the risks or uncertainty of the future. The common example is, if given the choice between ¥100 today and ¥150 a year from now, most people would chose to receive ¥100 today.