Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the next two questions, suppose three pirates of different ages have a treasure of 100 gold coins. They decide to split the coins using

For the next two questions, suppose three pirates of different ages have a treasure of 100 gold coins. They decide to split the coins using this scheme:

  • The oldest pirate proposes how to share the coins, and ALL pirates (including the oldest) vote for or against it.
  • If more than 50% (exclusive) of the pirates vote for it, then the coins will be shared that way and the game ends. Otherwise, the pirate proposing the scheme will be thrown overboard, and the process is repeated with the pirates that remain. Note that if exactly 50% of the pirates vote for it, then the pirate proposing the scheme will be thrown overboard.
  • As pirates tend to be a bloodthirsty bunch. If a pirate would get the same number of coins if he voted for or against a proposal, he will vote against so that the pirate who proposed the plan will be thrown overboard.
  • Assuming that all 3 pirates are intelligent, rational, greedy, and do not wish to die, (and are rather good at math for pirates).

Assume now Captain Hook spots the scene and wants to share the gold as well. That is, now we have four pirates sharing the coins. Captain Hook will be the first to propose a scheme to share the coins. Assume the same rule applies. What will happen?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ecopolitical Homelessness Defining Place In An Unsettled World

Authors: Gerard Kuperus

1st Edition

1317232704, 9781317232704

More Books

Students also viewed these Economics questions

Question

Discuss the characteristics that would make a market efficient.

Answered: 1 week ago