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Friday, July 16, 2010

Risk taking & winning-the Story of the IIM-A Beta quiz

Today was the annual Finquest(finance related trivia quiz organized by Beta-the premier Finance Club of IIM-A for the Fucchas(first years). The entries numbered about 100+ teams of 2 members each.

Naturally, so many teams cannot compete in the finals. They conducted a written elimination round to shortlist 6 teams. Myself and Miheer Desai qualified for the finals and sat as the third team.

By the 2nd last round end, we were at 85, the top team at 120 and third team at 65. The round had an exciting format that 6 areas were given(1 area per team) with the team getting to select areas in order of their rankings. I.e 1st team could choose area of questions and then 2nd ranked team could choose its area. There was an added twist of choosing points scheme BEFORE seeing the question(viz +60 -30; +40 -20; +20 -10). The first ranked team played safe, chose +20 -10 & secured 20 pts totalling 140.

Now, we could go for 60/30 option & try to get 145 and win. But if we lost, then we get 55 & slide to 3rd. We played safe; chose 20/10 and secured 105 pts. But then the team at 65 took 60/30 gamble and won coming 2nd!!!!

To compound it, we were told that it was the same qn for all 3. The qn format was designed to reward risk takers and we lost our oppurtunity at 1st place

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