3min chapter

80,000 Hours Podcast cover image

#48 - Brian Christian on better living through the wisdom of computer science

80,000 Hours Podcast

CHAPTER

How to Choose the Best Price for a Household Auction?

If waiting costs you two thousand dollars an offer, you should hold out for 480 thousands. If the cost of waiting exceeds 50 % of the range over which offers are expected to come, then that means you should literally take anything. It's kind of just what we tok about last time with back threshold. Shouf: I guess in this case it's going to be a bit clearer. Thir probably is like an optimal threshold, at least for a normally distributed set of bids.

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