:shiva six-handed face palm:
I saw an episode of
Jeopardy in which all three contestants ended with $0!
The one in the lead committed the inexcusable error of betting everything. The cardinal rule if you are in the lead is that you only bet $1 more than the highest total that the second-place contestant can possibly reach if they bet everything. How can
anyone "smart enough" to get on the show in the first place not do that??
This rule, in turn, opens up some really interesting game theory approaches for second and third.
The game theory approaches for # 2 are quite interesting and probably are too varied to discuss, since they depend upon how much # 2 has relative to # 1, and also depend upon whether # 2 expects # 3 to use optimal game theory or not.
In other words, if # 1 has $15,000, # 2 has $10,000, then # 1 bets $5,001. Ignoring # 3 strategy for now, # 2 bets $0, since if # 1 is wrong, $10,000 > $9,999. # 1 "has to"
always follow the cardinal rule, or else loses if # 2 bets everything and is right. # 1 cannot take that risk.
Generally, if I am in third, I have to hope that 1 and 2 are both wrong. And so I bet $1 more than what # 1 would end up with assuming s/he followed the rule just cited, and then was wrong.
If # 3 has $6,000, say, and # 1 bets $5,001, # 3 bets $4,000...unless # 3 anticipates # 2 to bet $0, and so bets $4,001.
It is annoying to me the number of times when it is "obvious" that the optimal bet for one of the contestants is $0 and then they don't do it.