Determining backward induction

Reference no: EM13131537

There are 5 pirates and a pot of 100 gold pieces. All the pirates have different ranks. The most senior pirate has to propose a split of the gold, such that at least half of the pirates agree. If he cannot get a 50% vote, then he must walk the plank and get eaten by sharks. Then, the next most senior pirate will propose a split, and so on. Assume that the pirates are rational thinkers and extremely greedy (i.e. they want to maximize their gold).

Reference no: EM13131537

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