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Fifty Bucks for a Dollar bill? (Posted on 2003-06-03) Difficulty: 3 of 5
I have a one dollar bill. there is a crowd of people around me. I hold it up and say that i will auction the one dollar bill off, and the dollar would go to the highest bidder.

The catch? the first AND second highest bidder both have to pay me whatever they bid. For example, if the bidding stops when someone bids 1.00 and the next person bids .95, then I get 1.95, and the winner gets nothing, the second person loses 95 cents.

What would you do if you were at this auction, and there had to be at least one bid? What is the "winning" strategy, assuming that everyone will want to do what is best for them?

See The Solution Submitted by Jonathan Waltz    
Rating: 3.9474 (19 votes)

Comments: ( You must be logged in to post comments.)
  Subject Author Date
some thoughtsK Sengupta2007-06-28 12:11:27
Some Thoughtsre:greedc.e. blanz2006-01-04 15:20:01
GreedRajal2004-08-10 15:51:14
SolutionAlternate SolutionBilly Bob2004-03-28 10:37:33
SolutionLawrence2003-08-24 18:33:45
Some Thoughtsre: okLewis2003-07-11 22:08:33
Some Thoughtsokmike2003-07-11 13:39:49
re(3): If you know each other....Lewis2003-07-01 01:45:41
Hints/Tipsre(2): If you know each other....Gamer2003-06-30 13:30:17
re: If you know each other....Lewis2003-06-27 08:13:14
Some ThoughtsIf you know each other....Lewis2003-06-21 00:27:14
re:Sanjay2003-06-17 11:09:59
Some Thoughtsre: No SubjectLewis2003-06-16 07:23:52
No Subjectstephy2003-06-13 19:45:26
re(6): Dollars and SenseGamer2003-06-13 05:58:05
re(5): Dollars and Senseryan smith2003-06-12 15:52:38
re(4): Dollars and SenseSanjay2003-06-12 13:51:57
re(4): Dollars and SenseSanjay2003-06-12 13:42:18
re(3): Dollars and Senseryan smith2003-06-10 15:47:38
re(3): Dollars and Senseryan smith2003-06-10 15:43:19
re(2): Dollars and SenseSanjay2003-06-10 10:42:59
Some Thoughtsre(2): Dollars and SenseLewis2003-06-10 06:21:56
re: Dollars and Senseryan smith2003-06-09 21:48:21
Dollars and SenseSanjay2003-06-09 15:33:57
colludeCory Taylor2003-06-08 18:15:22
re(6): SolutionGamer2003-06-08 11:08:25
re(5): Solutionryan smith2003-06-07 19:03:19
re(4): SolutionTomM2003-06-07 09:21:30
Some Thoughtsre(3): SolutionLewis2003-06-07 07:51:51
re(2): SolutionTomM2003-06-07 07:29:54
Solutionre: Solutionryan smith2003-06-07 06:29:12
SolutionSolutionTomM2003-06-07 00:49:00
Solutionre: End the bidding wars!Lewis2003-06-06 22:49:04
re:Lewis2003-06-06 12:16:13
End the bidding wars!Gamer2003-06-06 06:00:54
re:Gamer2003-06-06 05:57:33
No Subjectblink2003-06-06 02:48:17
re(4): Here's an ideaBrian Smith2003-06-05 17:03:07
re(3): Here's an idearyan smith2003-06-05 16:44:24
re(2): Here's an idearyan smith2003-06-05 16:41:32
re: Here's an ideaBrian Smith2003-06-05 13:39:15
Here's an idearyan smith2003-06-05 00:00:00
re: Its all about the first bid.Dave2003-06-04 16:59:24
re: Bid Nothing?Gamer2003-06-04 16:46:29
Its all about the first bid.Brian Smith2003-06-04 14:16:05
Some ThoughtsHave some funDJ2003-06-04 12:44:25
SolutionSOLUTIONPickels2003-06-04 12:23:13
99¢ bid not safeBryan2003-06-04 10:35:12
No SubjectMatt2003-06-04 06:03:37
Bid Nothing?Sanjay2003-06-03 22:47:11
re: continuing with my thought..Lewis2003-06-03 21:36:43
continuing with my thought..Dave2003-06-03 17:25:10
quick question (and my thoughts)Dave2003-06-03 17:00:19
Thinking about making a profitBrian Smith2003-06-03 16:37:28
Initial thoughtnikki2003-06-03 12:57:32
re(5): Bang for the BuckGamer2003-06-03 12:35:31
re(4): Bang for the BuckCory Taylor2003-06-03 11:02:07
Solutionre(3): Bang for the BuckLewis2003-06-03 09:59:39
re(2): Bang for the BuckSanjay2003-06-03 09:37:45
re: Bang for the BuckJonny Doe2003-06-03 07:32:50
entrepreneurial answerCory Taylor2003-06-03 06:14:32
Bang for the BuckSanjay2003-06-03 06:08:13
re: Solution????Bryan2003-06-03 05:07:54
re: Solution????Cory Taylor2003-06-03 04:13:13
SolutionSolution????Jonny Doe2003-06-03 03:27:07
Friends or not?Gamer2003-06-03 02:08:47
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