a way to get rich without doing any work at all.
The trick is to find a group of people interacting in which each person's happiness depends partly on what others do. Wolpert and Bono provide a way for you to choose one of those people who interact (call it "Sucker") and provide sucker a contract where you are given a little money now, and you agree to return some (but not all) that money to sucker once complete their economic interactions with others.Wolpert and Bono show that in many cases, these contracts can be designed to benefit the piglet during this economic "game" to accept your contract before the game begins. Piglet and accept his offer and that would have money after paying sucker when the game ends.
The key of this scheme is that under his contract, how much return the piglet depends on what the sucker and the other people make during their interactions. Everyone should know about interacting binding contract between you and the sucker.
When these conditions are met, depending on how your contract changes the economic balance between players, pig and both benefit from agreeing to the contract. (Of course, others may not be so lucky.)
Wolpert and Bono call this phenomenon "mining game" because it is a way for you to "mine", a game (in the economic sense) than other people are involved.
Their work, published recently in the journal Advances in Austrian Economics, explores several hypothetical examples, as interactions between corn growers against sugar producers in the competition for the benefits of producing sweetener.
"All this raises a crucial question," they write. "Why are not the actual mining companies play havoc in real markets?" Wolpert and Bono offer several possible explanations for suggesting further studies
