5 pirates of different ages have a treasure of 100 gold coins.
On their ship, they decide to split the coins using this scheme:
The oldest pirate proposes how to share the coins, and ALL pirates (including the oldest) vote for or against it.
If 50% or more of the pirates vote for it, then the coins will be shared that way. Otherwise, the pirate proposing the scheme will be thrown overboard, and the process is repeated with the pirates that remain.
As pirates tend to be a bloodthirsty bunch, if a pirate would get the same number of coins if he voted for or against a proposal, he will vote against so that the pirate who proposed the plan will be thrown overboard.
But before the oldest pirate makes his proposition, the other pirates can publicly announce their voting policy, in turn, for the propositions that the oldest pirate could make. They take turns updating their policies, but each pirate gets no more than 200 turns per eldest's proposition (to ensure they do not take infinitely long to state/update their policies).
It is common knowledge that pirates keep to their word - once they announce their policy, they will stick to it, and it is common knowledge that they will stick to it.
Assuming that all 5 pirates are intelligent, rational, greedy, and above all they do not wish to die, (and are rather good at math for pirates) what will happen?