Quote: Hard one :
You and your best friend have been arrested for several white collar crimes. (Or something else which is more classy than stealing a candy bar)
Your attorney has told you the police has only got enough evidence to put you and your friend behind bars for 3 years.
However, the both of you are given the option to confess. If both of you confess you will both serve 10 years,
if one of you confesses and the other does not, the one who did not confess will serve 20 years.
Obviously, if you both remain silent you will both serve 3 years.
You are not allowed to have any communication with your friend.
Suppose your main priority is to keep yourself out of jail, and your secondary priority is to keep your partner out of jail.
You have decided that you find it twice as important to keep yourself out of jail as you find it important to keep your partner out of jail.
(So for example, in your opinion him serving 10 years is equal to you serving 5).
You estimate the chance of your partner confessing p.
At what value of p will you choose to confess and at what value will you keep silent?