H e was the most famous magician of the 20th century. Yet Harry Houdini’s peers were often scathing about him. His tricks were “awful stuff” and “a bunch of junk”, they sniffed. “Watching him play the ...

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The original version of this story appeared in Quanta Magazine. Imagine a town with two widget merchants. Customers prefer cheaper widgets, so the merchants must compete to set the lowest price.