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He hasn't learned anything
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because whether Ale was sane or crazy
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he's going to fight.
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So observing what his actions early on,
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if that was really an equilibrium,
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our tenth guy wouldn't have updated his belief at all,
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and therefore,
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would still believe
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with probability .99 that Ale was sane,
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in which case our tenth guy would enter.
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Once again, that argument would unravel from the back.
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So what I described before can't quite be an equilibrium.