In a game described by Martin Shubik a dollar bill is put up for sale. It is offered at auction with a minimum bid of one cent. Anybody who bids this much can take the dollar, provided, of course, that no one else offers more. The game proceeds according to the usual rules of auctions, but with one exception. The special rule is that the auctioneer must be paid not only by the highest bidder, but also by the second-highest bidder. The highest bidder pays what he bid and takes the dollar, while the second-highest bidder pays whathebid but gets nothing.
KeywordsHigh Bidder Strong Individual Dollar Bill Auction Game Offensive Weapon
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