82,964
edits
Prisoner’s dilemma: Difference between revisions
→The eBayer’s dilemma
Amwelladmin (talk | contribs) |
Amwelladmin (talk | contribs) |
||
| Line 15: | Line 15: | ||
===The [[eBayer’s dilemma]]=== | ===The [[eBayer’s dilemma]]=== | ||
{{ | {{eBayer’s dilemma}} | ||
The consequence is easier to see in more familiar context. | The consequence is easier to see in more familiar context. This version {{author|Douglas Hofstadter}} once described as the "briefcase came", but Millennials will recognise it as the [[eBayer’s dilemma]]. | ||
Strangers consider a settling a transaction they have drunkenly agreed on eBay to purchase a set of complete boxed set of the final season of ''Some Mothers Do ’Ave ’Em'' on VHS, for £100<ref>The eBayers don’t ''have'' to be drunk, but as we all know, most people on eBay ''are'', so this is a bit of dramatic colour.<r/ef>. The seller must pay and the buyer must post the videos simultaneously. Assume the Seller would have sold the videos at any price over £50 (so the transaction represents a £50 profit for her), and privately, the buyer would have been prepared to pay £150, (the transaction therefore representing a £50 profit for him). | |||
When settling the transaction, each has the following risks: | When settling the transaction, each has the following risks: | ||
| Line 31: | Line 33: | ||
**The seller is in its original position (£0). | **The seller is in its original position (£0). | ||
**The buyer is in its original position (£0). | **The buyer is in its original position (£0). | ||
{{ref}} | |||
===Single round=== | ===Single round=== | ||