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You're reading: Digital Tonto: The value paradox

Okay guys, I’ll cop to all the other misbehavior, but not this one. I still don’t know the true value of a dollar and don’t think anyone else does either.

In fact, the more I’ve look into it, the more elusive value is as a concept. Certainly, we can see prices fluctuate by the minute on Wall Street, but it goes much deeper than that. We’ve evolved for survival, not optimization and that has left our emotional circuitry with some funny glitches when it comes to dealing with modern society.

Back in the early days of game theory, a parlour game became the dollar auctionbecame a a minor craze amongst mathematicians and economists. Here’s how it worked:

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