Hi Everyone,
Welcome to the fifth Economics Contest for 2023. This month is the Game Theory (Most or Least) Contest. The Game Theory (Most or Least) Contest should be familiar to some of you. It has been part of the two previous Challenge Series. See, Challenge Series 2021 and 2022 to get a better idea of how the challenge version of the contest was played.
Welcome to Game Theory (Most or Least) Contest
How to play?
The Game Theory (Most or Least) contest requires participants to select 4 of 7 boxes. Each box has a monetary value; these values will be revealed later in this question. The value represented by each box will be shared equally across all participants who have selected that box. For example, if a box has a value of 60 and 5 participants have selected that box, each participant will be awarded a value of 12 (60/5).
All the information you need to know to play the game is provided in the question.
All entries must be made in the comments section of this post.
Each account is only permitted one entry.
Objectives of the game
This game has several different win conditions. These win conditions depend on values obtained by participants.
- The participant who obtains the highest value wins the contest if no other players’ obtain that same value.
- If more than one participant shares the highest value, the participant with the lowest value wins if no other players’ obtain that same value.
- If more than one participant shares the highest value and if more than one participant shares the lowest value, the first and second participant to enter the contest will be joint winners of the contest and will share the prize evenly. This will occur regardless of the value they obtained from the boxes.
Below is an example of a game where participants choose 3 of 5 boxes. The Gif demonstrates how the game changes as more participants enter. In the example, Participant 2 is the winner. However, at different points in the game, there are different participants winning. For example, after Participant 3 entered, Participant 3 was winning. Watch the Gif to see how the game changes as more players enter.
Example of Game Theory Contest
Participants’ value is calculated as follows (using an example of selecting 4 out of 7 boxes):
Logic of the objectives
The contest tests participants’ ability to outmanoeuvre one another. The contest contains both strategy and tactics. Entering early (first or second) provides the advantage of entering under a potential win condition. Entering later provides the advantage of being able to observe other participants decisions; therefore, potentially creating opportunities to achieve the highest or lowest value. However, if another participant enters, some of this advantage is lost.
Contest Prizes
The account with the winning entry will receive 30 Hive Power and the first 12 entries will be given upvotes. If two or more participants are tied, the first participant of them to enter wins. If there are no winners, the 30 Hive Power is rolled over to next contest (three months because of the upcoming challenge series).
Let the contest begin
Participants are required to select 4 of 7 boxes. Each box has been allocated a value. The value of the seven boxes are as follows:
Box 1: 16, Box 2: 22, Box 3: 24, Box 4: 28, Box 5: 38, Box 6: 44, and Box 7: 48
Entry format
For this contest, I expect to see entries made in the following format:
Boxes: …, …, …, and …
Example of entry
Boxes: 4, 5, 6 and 7
The closing date and time for this contest is 6PM coordinated universal time (UTC) 22/06/2023. Responses after this time will not be accepted. The results of the contest will be announced in a separate post.
I hope everyone has fun and enjoys the contest. I look forward to your participation in next month’s challenge series.
More posts
I have several collection of posts. I have organised these collections based on content and purpose.
The first collection contains six collection posts created before PeakD had the collection feature. Four of these posts relate to the core of my content, one of them contains all my Actifit Posts, and one of the them contains my video course ‘Economics is for Everyone’.
The second collection consists of the posts that I consider define my channel. These posts are significant in terms of content as well as how they contribute to the growth of the channel. These posts reveal the most about what I believe in.
The third and fourth collections are what I call my ‘Freedom-base Economics living book’. They contain all the posts that support my ideas about the value and power of freedom. Some of these posts explain what we can achieve with freedom and what we need to do to utilise it. Some of them explain how we are deprived of freedom and how we often give up freedom for security and comfort. The third collection concludes with possible scenarios depending on what we (society) choose to do.
Hive: Future of Social Media
Spectrumecons on the Hive blockchain
