Alice in Borderland - Vol. 15 Ch. 51.1 - Side Story 6 - King of Diamonds (1)

[MangaDex]

 

[googoober]

oh he was one of the kings.. i thought he died

 

[Mayhemking]

A bit cocky aren't we now?

 

[Naniii]

Lacking a bit of info here, you get the gist of it but it's still confusing. The concept of the beauty contest is that suppose there is a beauty contest where people vote on who they think is the most attractive, and those who voted with the majority would get a prize (lacking info): An ordinary person would vote for who they think is attractive, a more calculating person would look for who the public would vote for, which can be taken a step further for people to consider who these calculating people think the public would vote for, and so on. This means that they're not considering who they think looks attractive but who the majority would think is attractive, to win the prize. It's similar to equity markets in that people won't price their shares to how much they personally believe the value of the share is, but rather how the public would price it.