4 ms·
Nothing, so long as you want the home more than your absurdly large amount of money. Otherwise, all it takes is the existence of another high bid to make you p
by Simon_says 9y ago
Nothing, so long as you want the home more than your absurdly large amount of money. Otherwise, all it takes is the existence of another high bid to make you pay your absurdly large amount of money minus epsilon. You may experience buyer's remorse and wish you had the pile of money over the home.
Alternatively, if there is no other high bidder, then you would have gotten the home with a lower bid. The scheme is quite clever in how it incentivizes every bidder to bid exactly what they value the asset at.