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# 554

Math is Delicious - October 26, 2013
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>Removing my 2 star vote.
What the hell.

Hurrah for Mike!

You seem to think teachers can afford to buy food.

LoKL!.

Laphing ougt Krappy Loud!

But seriously, we don't have the money to bankroll that sort of confectionary education.

During behavioural economics course, we were offered a deal. A bag of exquisite candies was set on the table. We were to write down two numbers: the selling price (least amount we’d like to get if we were vendors) and purchase price (max amount we’d afford to pay if we were customers). A simple condition was introduced to get realistic numbers: the one who writes the purchase price closest to the average must buy the bag for real money. Eventually, it was sold for \$9 (average affordable cost).

I had a Machiavellian thought: to write an arbitrarily large number (e.g. I’m ready to purchase these sweets for \$1,000,000). For the group of 10 students, the average will be slightly above \$10,000. So the most cocky guy who wrote, say, \$100, will crap his pants since the second largest number in the group is closer to \$10,000 than the largest one that was written by me (in terms of absolute difference). Can he eat that, huh? (Insert evil laugh.)

P.S. The number of the next comic is definitely a get.

Typo: *for the group of 100 students.

Andrei, sorry to be blatantly obvious. But what if I were in the same class and offered \$10,000,000? Would you have had the million to fork out? Bwa-hahahahah. Or if someone else had then bid \$100,000,000. Well then I'd really be screwed. Was this a game theory class? Or a mean mode median class?

Bobby, the people in the class were supposed to be economically rational since they had to buy it. Therefore the suggested trick works iff the whole audience is naïve, greedy and straightforward (e.g. economists or engineers), and you are the only one being smart aleck. No geeky mathematicians or wisecrackers game theorists allowed in order to have my trick work as intended.

Andrei, I'm an engineer. So I really am screwed.

Sincerely, I have never understood why people are offended when they are told they’re engineers...
.
(OK, OK, I have told enough to go to hell anyway!)

True economic rationality implies they would all collude to pay \$0

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