perplexus.info :: Logic : Fifty Bucks for a Dollar bill?

Fifty Bucks for a Dollar bill? (Posted on 2003-06-03)

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 thoughts	K Sengupta	2007-06-28 12:11:27
re:greed	c.e. blanz	2006-01-04 15:20:01
Greed	Rajal	2004-08-10 15:51:14
Alternate Solution	Billy Bob	2004-03-28 10:37:33
Solution	Lawrence	2003-08-24 18:33:45
re: ok	Lewis	2003-07-11 22:08:33
ok	mike	2003-07-11 13:39:49
re(3): If you know each other....	Lewis	2003-07-01 01:45:41
re(2): If you know each other....	Gamer	2003-06-30 13:30:17
re: If you know each other....	Lewis	2003-06-27 08:13:14
If you know each other....	Lewis	2003-06-21 00:27:14
re:	Sanjay	2003-06-17 11:09:59
re: No Subject	Lewis	2003-06-16 07:23:52
No Subject	stephy	2003-06-13 19:45:26
re(6): Dollars and Sense	Gamer	2003-06-13 05:58:05
re(5): Dollars and Sense	ryan smith	2003-06-12 15:52:38
re(4): Dollars and Sense	Sanjay	2003-06-12 13:51:57
re(4): Dollars and Sense	Sanjay	2003-06-12 13:42:18
re(3): Dollars and Sense	ryan smith	2003-06-10 15:47:38
re(3): Dollars and Sense	ryan smith	2003-06-10 15:43:19
re(2): Dollars and Sense	Sanjay	2003-06-10 10:42:59
re(2): Dollars and Sense	Lewis	2003-06-10 06:21:56
re: Dollars and Sense	ryan smith	2003-06-09 21:48:21
Dollars and Sense	Sanjay	2003-06-09 15:33:57
collude	Cory Taylor	2003-06-08 18:15:22
re(6): Solution	Gamer	2003-06-08 11:08:25
re(5): Solution	ryan smith	2003-06-07 19:03:19
re(4): Solution	TomM	2003-06-07 09:21:30
re(3): Solution	Lewis	2003-06-07 07:51:51
re(2): Solution	TomM	2003-06-07 07:29:54
re: Solution	ryan smith	2003-06-07 06:29:12
Solution	TomM	2003-06-07 00:49:00
re: End the bidding wars!	Lewis	2003-06-06 22:49:04
re:	Lewis	2003-06-06 12:16:13
End the bidding wars!	Gamer	2003-06-06 06:00:54
re:	Gamer	2003-06-06 05:57:33
No Subject	blink	2003-06-06 02:48:17
re(4): Here's an idea	Brian Smith	2003-06-05 17:03:07
re(3): Here's an idea	ryan smith	2003-06-05 16:44:24
re(2): Here's an idea	ryan smith	2003-06-05 16:41:32
re: Here's an idea	Brian Smith	2003-06-05 13:39:15
Here's an idea	ryan smith	2003-06-05 00:00:00
re: Its all about the first bid.	Dave	2003-06-04 16:59:24
re: Bid Nothing?	Gamer	2003-06-04 16:46:29
Its all about the first bid.	Brian Smith	2003-06-04 14:16:05
Have some fun	DJ	2003-06-04 12:44:25
SOLUTION	Pickels	2003-06-04 12:23:13
99¢ bid not safe	Bryan	2003-06-04 10:35:12
No Subject	Matt	2003-06-04 06:03:37
Bid Nothing?	Sanjay	2003-06-03 22:47:11
re: continuing with my thought..	Lewis	2003-06-03 21:36:43
continuing with my thought..	Dave	2003-06-03 17:25:10
quick question (and my thoughts)	Dave	2003-06-03 17:00:19
Thinking about making a profit	Brian Smith	2003-06-03 16:37:28
Initial thought	nikki	2003-06-03 12:57:32
re(5): Bang for the Buck	Gamer	2003-06-03 12:35:31
re(4): Bang for the Buck	Cory Taylor	2003-06-03 11:02:07
re(3): Bang for the Buck	Lewis	2003-06-03 09:59:39
re(2): Bang for the Buck	Sanjay	2003-06-03 09:37:45
re: Bang for the Buck	Jonny Doe	2003-06-03 07:32:50
entrepreneurial answer	Cory Taylor	2003-06-03 06:14:32
Bang for the Buck	Sanjay	2003-06-03 06:08:13
re: Solution????	Bryan	2003-06-03 05:07:54
re: Solution????	Cory Taylor	2003-06-03 04:13:13
Solution????	Jonny Doe	2003-06-03 03:27:07
Friends or not?	Gamer	2003-06-03 02:08:47

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