Another puzzle from Krishnamurthy Iyer's website

Problem

Five thieves have just looted a bounty of 1000 gold coins. The loot has to be divided among them and therein lies the problem. It is then decided that the youngest one will come up with a strategy of division, and the rest will put the strategy to vote. If the strategy is voted with a majority, it will be accepted and will be carried out. Otherwise, the youngest one will be shot and the second youngest will be asked to do the same...and so on. So the problem is, if you are the youngest thief, what will be your strategy, to maximize your share of the bounty? (Assume all thieves have different ages.)

Thieves base their decisions on three factors. First of all, each thief wants to survive. Secondly, each thief wants to maximize the amount of gold coins he receives. Thirdly, each thief would prefer to throw another overboard, if all other results would otherwise be equal

Update (11/12/09):

Solution provided by Jaadu ... Better e…

Problem

Five thieves have just looted a bounty of 1000 gold coins. The loot has to be divided among them and therein lies the problem. It is then decided that the youngest one will come up with a strategy of division, and the rest will put the strategy to vote. If the strategy is voted with a majority, it will be accepted and will be carried out. Otherwise, the youngest one will be shot and the second youngest will be asked to do the same...and so on. So the problem is, if you are the youngest thief, what will be your strategy, to maximize your share of the bounty? (Assume all thieves have different ages.)

Thieves base their decisions on three factors. First of all, each thief wants to survive. Secondly, each thief wants to maximize the amount of gold coins he receives. Thirdly, each thief would prefer to throw another overboard, if all other results would otherwise be equal

Update (11/12/09):

Solution provided by Jaadu ... Better e…