Imagine you have a bar that comfortably seats 60 people, but every week, 100 people have to decide whether or not they're going to go to the bar on any given night. If too many people go, then the bar is too crowded, and everyone has a miserable night. But if not enough people go, then that's a missed opportunity to go out. This is the basis of the El Farol problem, which asks us to consider how people make this decision. It's a beautifully simple problem that not only makes you think but also has profound implications.
To help us through this problem, we're joined again by its inventor, W. Brian Arthur, External Professor at the Santa Fe Institute and Researcher at Palo Alto Research Center. Brian's going to help us understand how this problem is more than just the story of a bar, but a problem that gives us an incredible insight into how the economy works.
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This show is produced in collaboration with Wavelength Creative. Visit wavelengthcreative.com for more information.
