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Chicago ABT Finals

Posted By: Steve Mellen
Date: Tuesday, 1 June 2010, at 4:05 p.m.

In Response To: Chicago ABT Finals (phil simborg)

I can think of two ways to determine the "fair" value of a deal like this, although neither is mathematical. Whether it's a good deal for YOU is a mathematical calculation that depends on the other guy's expected performance, etc. But for him, given that he wasn't going to reenter without your deal, it's a complete freeroll. Whether it's worth it to him depends on the opportunity cost of giving up whatever else he would have done with his day, the negative emotions he's going to feel if he loses again, etc. All of these are factors that a functional human being can weigh on his own, so it's not really for anyone else to say whether the deal is fair or unfair from this standpoint. If the guy doesn't care enough to take the freeroll he can just say no.

The other way of looking at fairness is based on the concept of market price. Even though you're offering a freeroll, if there's a custom of people making offers to purchase someone's rebuy for (say) 25% of their action, then your offer of 50% isn't fair from a market standpoint because you're taking advantage of the fact that he doesn't know the custom and doesn't realize he can get a better deal by asking around. However, since there is no such custom as far as I know, and the choice for the guy is basically your deal or nothing, this consideration doesn't seem applicable.

If someone interrupted your conversation to say, "His offer of 50% isn't fair, I'll pay your rebuy in exchange for only 40% of your action," you might be annoyed but at least it would be reasonable from a negotiating standpoint. It's no different from one of your business competitors advertising a sale in hopes of taking away your customers. But for someone to say "that isn't fair" when they're not offering a better deal and neither is anyone else, I can't say I see the sense of that.

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