# How much to charge?

http://www.sciam.com/print_version.cfm?articleIDw50A576-E7F2-99DF-3824E0B1C2540D47
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Michael Bulatovich wrote:

Done wrote:

"Michael Bulatovich" wrote:

http://en.wikipedia.org/wiki/Prisoner%27s_dilemma
" The unique equilibrium for this game is a *Pareto-suboptimal* solution-that is, rational choice leads the two players to both play defect even though each player's individual reward would be greater if they both played cooperate. In equilibrium, each prisoner chooses to defect even though both would be better off by cooperating, hence the dilemma."
Don:

Warm Worm:

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Clever! You rightly point out the similarity of structure of the dilemma in the endless gun thread, and the similarity of the prisoner's dilemma. The logic is similar to the "tragedy of the commons" http://en.wikipedia.org/wiki/Tragedy_of_the_Commons which I cited in that thread.
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Thanks for the snack. I'm just a button-pecking lab-pigeon prompted by some stimuli. ;) One great thing about the net is that a cross-reference is but a fingertip away.
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"the game's logic dictates that 2 is the best option"
Why? Who decides that is the "rational" choice?
FIrstly, the situation is flawed because it assumes that both people will have gone to the same appraiser, and wilol have done so at a certain ebb or flow of the market. If the market is such that epople are paying top dollar for the item, then the appriasal will be higher.
But, if Person 1 has the appraisal done during a strong market, and person B has the appraisal done in the middle of an economic slump which creates a slow/weak market, the appraisals will differ.
Which in turn brings into play the possibility that one person might actually give what s/he considers to be an honest appraisal, simply because there is no way of predicting with any certainty what the other person would do.
IMO, (and FWLIW) the game's logic is flawed, because there is no info re: the estimated proce of the item. The game asks for a choice based upon nothing. IMO, that's just stupid.
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It also assumes that people would try and trounce the other person for 2 measly bucks, LOL.
--
Edgar

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wrote:

And then there's fuzzy logic.
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