4 ms·
That's just not true. If the second highest bidder could only go to $20, then anything above $20 would be fine. It's the fact that the second bidder was willi
by thedudeabides5 5y ago
That's just not true. If the second highest bidder could only go to $20, then anything above $20 would be fine.
It's the fact that the second bidder was willing to go above $48 that killed then.
This is pretty classic "Dutch Auction" dynamics, where the winning bidder gets the item at the reserve/max price of the second highest bidder.
https://en.wikipedia.org/wiki/Dutch_auction https://en.wikipedia.org/wiki/Dutch_auction