The Greek Philosophers

One day three Greek philosophers settled under the shade of an olive tree, opened a bottle of Retsina, and began a lengthy discussion of the Fundamental Ontological Question: Why does anything exist?

After a while, they began to ramble. Then, one by one, they fell asleep.
 
While the men slept, three owls, one above each philosopher, completed their digestive process, dropped a present on each philosopher's forehead, the flew off with a noisy "hoot." Perhaps the hoot awakened the philosophers.

As soon as they looked at each other, all three began, simultaneously, to laugh.

Then, one of them abruptly stopped laughing. Why?

Interesting reason behind it! 

Source 

Theory Of The Smartest Philosopher

What's the story behind? 

The one who stopped laughing was the smartest one among! Read how he was the smartest.

We need to think from the smartest Philosopher's point of view. Let's name 2 other Philosophers as A & B.

Now here is what the smartest Philosopher would think.

"If I had nothing on my head then A & B must have been laughing after looking each other's head. And at least one of them is smart enough to realize that the other is laughing only after looking at him. That means A (or B) would have realized that the some thing is on his head too as B (or A) is laughing after looking him (not me if I had nothing on my head). Hence one of them would have stopped laughing. Since they are not stopping to laugh, I too must have something on my head."

Hence the smartest Philosopher stopped laughing after realizing that the fact.

  
A brilliant puzzle based on the similar logic is here!