3 ms·
Reminds me of the old party game, Dollar Auction. Bidding's in 10-cent increments, and the prize is $1. The twist is that the top two bidders pay their bids, bu
by time_management 18y ago
Reminds me of the old party game, Dollar Auction. Bidding's in 10-cent increments, and the prize is $1. The twist is that the top two bidders pay their bids, but only #1 gets the prize.
Bidding will go far past $1 because, even though it's a loss to pay $1.10 for $1, the 90-cent bidder would rather lose 10 cents than 90. I've heard of bidding going up into the $20 range.
- run4yourlives 18y agoWow. I need to play poker with those people.
- dfranke 18y agoAfter hearing about the outcome of this game you'd think that you'd have to be an idiot to get sucked in, but you'd be mistaken. We once did a dollar auction in an auditorium at Canada/USA Mathcamp -- not exactly a dimwitted group -- and bidding went up to $5.
- time_management 18y agoCanada/USA Mathcamp: What year?
- dfranke 18y ago2002 and 2003.
- time_management 18y agoCool. I was 1998 (Toronto) and '99 (Seattle).
- ig1 18y agoIt's not just a party game, some auctions are actually run with those rules.
- eru 18y agoDesign competitions for example.
- Tichy 18y agoI suppose most businesses face the same problem, at least if they are in a "winner takes all" market? You invest to outperform the competition, and if they win, you basically lose your investments.