The Traveler's Dilemma
Lucy and Pete, returning from a remote Pacific island, find that the airline has damaged the identical antiques that each had purchased. An airline manager says that he is happy to compensate them but is handicapped by being clueless about the value of these strange objects. Simply asking the travelers for the price is hopeless, he figures, for they will inflate it.
Instead he devises a more complicated scheme...
|Date"Date" is a type and predefined property provided by Semantic MediaWiki to represent date values.||Author||Lead-in|
|Rationality and Process||25 May 2007||J. E. R. Staddon||There is a philosophical (or perhaps definitional) problem with the analysis so engagingly presented by Basu. Definition: The rational choice is the one that (for defensible reasons) gains the most payoff. Thus, buying a lottery ticket on a hunch is not rational even if you win...|