Simon–Ehrlich Wager
Julian L. Simon and Paul Ehrlich entered in a famous scientific wager in 1980, betting on a mutually agreed-upon measure of resource scarcity over the decade leading up to 1990. Simon had Ehrlich choose five commodity metals. Copper, chromium, nickel, tin, and tungsten were chosen and Simon bet that their prices would decrease, while Ehrlich bet they would increase. Ehrlich ultimately lost the bet, and all five commodities that were selected as the basis for the wager continued to trend downward during the wager period.
Read more about Simon–Ehrlich Wager: Background, Analysis of Why Ehrlich Lost, Aftermath, The Proposed Second Wager, Other Wagers
Famous quotes containing the word wager:
“When Methodist preachers come down
A-preaching that drinking is sinful,
I’ll wager the rascals a crown
They always preach best with a skinful.”
—Oliver Goldsmith (1730?–1774)