Real-Life Decision Making
You're an auctioneer during poor economic times. The economy has caused a great downturn in real estate prices. The market isn't pretty.
A man wanting to sell off his company assets has approached you. He is bankrupt and owes huge sums of money to various banks and investors. He must turn his stock, equipment and property into cash in order to pay off the collection goons who lurk around his office.
As an auctioneer, you'd love to help him. He's a nice guy who really wants to clear up his debts and put all this behind him. But there's a problem.
Because of the dropping value of real estate, you estimate that this man may not make enough from the auction to pay off all his debts. If he can't come clean with his debtors, then he won't be able to pay you. All your time and effort might go unpaid.
In a situation like this, you sometimes ask for pay in advance of the auction. That way, at least you get paid, even if your seller doesn't make enough from the auction to pay other debts. But this man cannot afford to pay you up front.
You badly need the business. It's a gamble, but there is a small chance that the auction could be worthwhile. What do you do?