Agreed.
Furthermore, updating your minimum is the right thing to do in this thought experiment. Just reason: “If my minimum is x, then the chance that I’ll get an acceptable offer is y and the expected profit of those accepted (given that other agents can guess x) is z. Select x to maximize y*z.” No self-deception involved.
Agreed. Furthermore, updating your minimum is the right thing to do in this thought experiment. Just reason: “If my minimum is x, then the chance that I’ll get an acceptable offer is y and the expected profit of those accepted (given that other agents can guess x) is z. Select x to maximize y*z.” No self-deception involved.