Started by Milan Popović (@milan_p) ·
people will pay $2 for a dollar
Auction off a dollar. The highest bid wins it, but the second-highest bidder pays too. Bidding goes past a dollar almost every time, because at every step quitting looks worse than one more bid.
6 sources · 18 min down the hole
How I got here
- Started with
- Would anyone really bid more than a dollar for a dollar?
- Ended at
- Bidding fee auction
The Trail
- “dollar auction game” (google.com)
- Dollar auction (en.wikipedia.org)
- Martin Shubik (en.wikipedia.org)
- Escalation of commitment (en.wikipedia.org)
- War of attrition (game) (en.wikipedia.org)
- Bidding fee auction (en.wikipedia.org)
penny auction sites were basically this as a business model
Keep going
- how do we know the oldest people were really that old? · Milan Popović · 6 sources
- I lost an argument about the Monty Hall problem, then lost it again · Milan Popović · 6 sources
- from Deep Blue to AlphaZero to neural Stockfish · Kofi Asante · 6 sources
- why Japanese train staff point at things and say them out loud · Lin Chen · 4 sources