Dollar auction
Non-zero sum sequential game about auctioning a $1 bill with the rule that the 2nd-highest bidder also loses the bid amount; a paradox in which players make an ultimately irrational decision based on apparently rational choices
The dollar auction is a non-zero sum sequential game explored by economist Martin Shubik to illustrate how a short-sighted approach to rational choice can lead to decisions that are, in the long-run, irrational.
Nº Q1235683 ★
Common · Games
Dollar auction
Non-zero sum sequential game about auctioning a $1 bill with the rule that the 2nd-highest bidder also loses the bid amount; a paradox in which players make an ultimately irrational decision based on apparently rational choices
The dollar auction is a non-zero sum sequential game explored by economist Martin Shubik to illustrate how a short-sighted approach to rational choice can lead to decisions that are, in the long-run, irrational.
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From Wikipedia
The dollar auction is a non-zero sum sequential game explored by economist Martin Shubik to illustrate how a short-sighted approach to rational choice can lead to decisions that are, in the long-run, irrational.
Text: Wikipédia, CC BY-SA 4.0. · Image: Wikimedia Commons (Public domain) ·
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