It appears that Don Boudreaux and Brad DeLong are negotiating/feuding over the terms of a Julian Simon-Paul Ehrlich type bet about the future prices of commodities [See this]. From what I've read of their exchange, it appears that Boudreaux offered a bet to DeLong with the following terms:
let’s make a bet very much like the famous bet that Julian Simon and Paul Ehrlich made in September 1980.
Because of inflation, I propose that the wager be larger than the Simon-Ehrlich amount. How about $2,500? And I offer to you terms similar to those that Julian offered to Ehrlich. Like Ehrlich, you can choose whichever bundle of five or more raw materials you like, and choose which (professionally respected) means to be employed for adjusting nominal prices for inflation.
The bet will be for a duration of at least ten years, but no longer than 15 years. (You choose.)
DeLong countered with this offer of a bet:
... that the real price of West Texas Intermediate crude oil would be higher than $20 per barrel in 2031.
When Boudreaux responded that he was on the way to a funeral and would respond completely in a day or so, DeLong posted that Boudreaux had declined to accept the bet. [for which he has since apologized]
I think DeLong's counteroffer is ridiculous; why not make a Simon-Ehrlich type bet about future prices relative to current prices? But if Delong doesn't think his counteroffer is ridiculous, he can take me up on this one:
Brad DeLong, if the price of West Texas Intermediate crude oil is less than $100,000/barrel (US $) on Jan 1, 2025, you owe me $100 Cdn. If the price is greater than $100,000/barrel (US $) on Jan 1, 2025, I owe you $100 US.
Since I'm old, I'll even make the outcome of the bet an obigation for my estate, if you wish.