Beating the Crowd
(withentropy.com)
Suppose you are participating in an auction for a box. Nobody knows exactly what is in the box, but they are bidding on it for various reasons; some think they can make money, some might have sentimental reasons, and others might just be having fun. You yourself are trying to make money. You asked around a bit, did some research, and think that you have a good estimate for the value of the box.
Suppose you are participating in an auction for a box. Nobody knows exactly what is in the box, but they are bidding on it for various reasons; some think they can make money, some might have sentimental reasons, and others might just be having fun. You yourself are trying to make money. You asked around a bit, did some research, and think that you have a good estimate for the value of the box.