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 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)

 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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