The three way pistol duel puzzle

This is one of the puzzles I like to use in Game Theory applying backwards induction. The answer is not at all obvious at first.

The three way pistol duel puzzle :

You're a cowboy, and get involved in a three way pistol duel with two other cowboys. You are a poor shot, with an accuracy of only 33%. The other two cowboys shoot with accuracies of 50% and 100%, respectively. The rules of the duel are one shot per cowboy per round. The shooting order is from worst shooter to best shooter, so you get to shoot first, the 50% guy goes second, and the 100% guy goes third, then repeat. If a cowboy is shot he's out for good, and his turn is skipped. Where or who should you shoot first?"

(Via .)