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Consider the following parlor game between two players. It begins when a referee flips a coin, notes whether it comes up heads or tails, and

Consider the following parlor game between two players. It begins when a referee flips a coin, notes whether it comes up heads or tails, and then shows this result to player 1 only. Player 1 may then (i) pass and thereby pay $15 to player 2 or (ii) bet. If player 1 passes, the game is terminated. However, if he bets, the game continues, in which case player 2 may then either (i) pass and thereby pay $15 to player 1 or (ii) call. If player 2 calls, the referee then shows him the coin; if it came up heads, player 2 pays $30 to player 1; if it came up tails, player 2 receives $30 from player 1.

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