dollar auction
（ plural ）
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(game theory) A non-zero-sum sequential game designed to illustrate a paradox brought about by traditional rational-choice theory in which players are compelled to make an ultimately irrational decision based entirely on a sequence of apparently rational choices made throughout the game. It involves an auction for a dollar bill where the second-highest bidder loses the amount that they bid, making them the biggest loser in the auction.
dollar auction
In the classic dollar auction, seemingly rational bids escalate until the second-highest bidder ends up losing more than the prize, vividly illustrating a paradox in game theory.
In the classic dollar auction, seemingly rational bids escalate until the second-highest bidder ends up losing more than the prize, vividly illustrating a paradox in game theory.
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