Quote:
Originally Posted by river_tilt
I think the objective of the exercise is a key piece of info.
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yeah def
Quote:
Originally Posted by river_tilt
If you're aiming to outperform your rivals, rather than estimate as closely as possible, and you know the number of rounds, there may be a case for ridiculous first round bid (e.g. 10^10). Your rivals will adjust their bids upwards in the next round and later rounds. We keep our bid constant until the final round, when we move to a sensible estimate based on the first round.
Of course, if multiple people adopt this strategy, then you don't actually gain any information on any of the rounds.
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I think you are on the right track but stopped early.
Essentially what you are saying is that we should try to beat the others in this game. But they will also try to beat us. In essence it's war of information. Or a game of incomplete information. So we should try to find GTO response.
No idea how a GTO would like here, but I think it would be pretty close to just throwing out random numbers.
The best chance at hitting the true average is, I think, just repeating what is thrown at us. But in a context of beating the others such a strategy is exploitable (by what you suggested for instance).
Anyway I think what they might be testing is how hard you are trying to beat others at a war of information. Maybe you could say the guesses of the participants form a sort of market, and the numbers the game host tells you is the market average. Now your next guess is trying to beat the market (the other players). As a believer in efficient markets you should just adhere to the strat of returning the last number you got. Just an idea, might be totally off.