“The Practical Lesson What is going on? This is a group of smart students that was told the answer to the game. The example illustrates a flaw of IEDS. It can get you reasonable answers if you think players are reasoning out further and further in nested logic. We often do not have an infinite capacity to reason logically, only a bounded ability to reason rationality. The practical answer to what you should write depends on the book answer plus your subjective beliefs about what other people do. It is the combination of book smarts plus social smarts that matters.”