All about flooble | fun stuff | Get a free chatterbox | Free JavaScript | Avatars    
perplexus dot info

Home > Logic
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: ( Back to comment list | You must be logged in to post comments.)
re(4): Here's an idea | Comment 29 of 66 |
(In reply to re(3): Here's an idea by ryan smith)

You do make some good points. If there is a strategy better than breaking even, it would have to be randomly based. I'll think about it more tomorrow.
  Posted by Brian Smith on 2003-06-05 17:03:07

Please log in:
Remember me:
Sign up! | Forgot password

Search body:
Forums (0)
Newest Problems
Random Problem
FAQ | About This Site
Site Statistics
New Comments (7)
Unsolved Problems
Top Rated Problems
This month's top
Most Commented On

Copyright © 2002 - 2018 by Animus Pactum Consulting. All rights reserved. Privacy Information