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New Beauty Contest

We're holding another Keynesian beauty contest to give away a second copy of the new MoneySense Guide to Retiring Wealthy.

The game

The game is simple. Pick a number between 0 and 100. The winner will be the person whose pick is closest to 2/3rds the average answer.

Results from last time

The average pick for the last contest was about 31.6 and 2/3rds of the average was close to 21.1. As it happens, three people tied for the closest answer and the winner was determined via random draw.

Somewhat surprisingly, several people selected numbers in excess of 67 (77 was popular). These picks were not likely to win. As a result, I thought I'd provide a little example of how the numbers work.

Let's say that three people enter the contest with picks of 0, 20, and 100. The average of the three numbers is (0+20+100)/3 which equals 40. Now, 2/3rds of the average is 2*40/3 which equals roughly 26.67. As a result, the person who picked 20 would be the winner.

You can read about similar contests, in much more detail, via Montier's paper Who's a pretty boy then? Or beauty contests, rationality and greater fools. Page 4 might be of particular interest.

How to enter

To enter the new contest, email your number to us. Be sure to include both "beauty contest" and your number in both the subject line and text of the message.

The contest will run until March 31, 2011 and the MoneySense Guide will be mailed out shortly thereafter. In the event of a tie, the winner will be determined via a random draw.

(Additional rules may be added at our discretion should they become necessary. We won't share your email address, or in the case of the winner your mailing address, with third parties.)

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