Dom

1
Doms Game

• Dom Mazzone
• EMBA CL 2007

2
Doms Game How the Game is played

• Coin on top of desk has been tossed before class
  and is covered. It is unknown whether the coin is
  showing Heads or showing Tails
• You selects Heads or Tails and if you are
  correct you wins 20 (from Dom)
• Questions - Write your answer in your notes
• Question 1 Would you be willing to give Dom 1
  to play this game?
• Question 2 What is the maximum you would be
  willing to pay Dom to play this game?

3
Doms GameBidding to play

• The whole class bids to see who will play Doms
  Game.
• Everyone in class bids via a sealed bid
• Write Name and Amount Bid on sheet of paper to be
  turned in
• Minimum bid is .50 and bids can only be in 0.50
  increments
• There is only one winner (otherwise Dom risks a
  lot of money!)
• The winner is determined by the highest bid.
• In the event of a tie for the highest bid then
  the winner is chosen by lottery among those with
  the highest bid.
• Person who wins bid pays Dom the amount of the
  bid and then gets to play Doms game.
• (Choose heads or tails and if correct wins 20
  from Dom. If incorrect Dom keeps 20.)
• Let the bidding begin .

4
Doms GameQuestions/observations to consider

• What were the bids that students made?
• Maximum
• Minimum
• Averages
• Mean
• Median
• Mode
• What affects the maximum amount you are willing
  to bid in order to play this game?

5
Howards Game

• Howard is going to offer a 20 bill up for sale
  through a standard open auction process. (Players
  bid against one another announcing their bids
  openly. Bids are not sealed).
• The highest bidder wins the 20.
• Note that I am more generous than Dom since I
  will DEFINITELY give the 20 away whereas Dom is
  giving it away only half of the time.
• Both the highest and 2nd highest players must
  give Howard the amount of their last bids!
• My generosity is offset by my greed at collecting
  the top 2 bids)
• Let the bidding begin