You are seated at a table with three other players. You are each issued with 12

Question

You are seated at a table with three other players. You are each issued with 12 tokens (representing $1 each), which you may keep. The table ha a pot which will triple the number of tokens placed in the pot by the players. The multiplied tokens will be distributed evenly amongst the four players. For example, if each player placed 2 tokens into the pot, the 8 tokens would become 24 tokens. Each player would get 6 tokens back, finishing with 16 tokens each. Tokens are placed in the pot simultanously. How many tokens will you place in the pot? QUESTION 19 What is the last digit of your student ID?

Explanation / Answer

The game here is overtly theorised in such a manner where maximum utility is to be assessed to come to a logical conclusion.

The problem may be elaborated as under:

Present no. of tokens= 4x12=48

Let us assume that each one will be depositing a,b,c,d tokens respectively and these numbers will be tripled resulting in total token as = 48-(a+b+c+d)+3 (a+b+c+d)= 48+2 (a+b+c+d) and their token will be:

12-a+{3(a+b+c+d)/4}, 12-b+{3(a+b+c+d)/4}, 12-c+{3(a+b+c+d)/4}, 12-d+{3(a+b+c+d)/4}

At the first instance, I will place minimum number of tokens in the pot to suffer minimum loss, hence I will opt for placing one token in the first instance.This case may be compared with prisoner's dilemma due to the effect of other's decision on your gain. Trading off the probability of minimum loss, this minimum number can be ascertained.

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