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Prisoner’s dilemma: Difference between revisions
→The eBayer’s dilemma
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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]]. | 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.< | 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.</ref>. 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 had that been the asking price (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: | ||