Having just read the chapter on game theory in your book, The Undercover Economist, I discovered that Michael Jackson fans (circa 800,000 of them) are being offered the chance to receive their concert tickets as a memento, in place of a refund. I presume the future value of any one ticket will depend almost exclusively on the choices of the other 799,999 fans. To the non-nostalgic fan, who wishes only to see the best financial outcome, what would be your advice based on a game theory analysis?
Patrick Hudson

Dear Patrick,

I think it is safe to assume that if 799,999 fans take the memento ticket, the remaining fan would be better off taking the refund, while if 799,999 fans take the refund and one fan takes the ticket, the ticket will be very valuable. (We must also assume that the concert promoters will not then flood the market with the other 799,999 unwanted tickets.)