James_Miller comments on Open thread, July 28 - August 3, 2014 - Less Wrong Discussion
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The elimination tournament better simulates evolution and capitalism. With a round robin you can have a successful strategy of taking resources from stupid people. But in nature and the marketplace stupid people won't consistently get resources and so a strategy of taking from them will not be a long-term effective one.
Thank you, that is an excellent explanation and you have changed my mind; I will implement an elimination tournament as you described.