dollar auction (English, noun)
expansion: dollar auction (plural dollar auctions)
Senses:
topics: computing
engineering
game-theory
mathematics
natural-sciences
physical-sciences
sciences
glosses: A non-zero-sum sequential game designed to illustrate a paradox brought about by traditional rational-choice theory in which players are compelled to make an ultimately irrational decision based entirely on a sequence of apparently rational choices made throughout the game. It involves an auction for a dollar bill where the second-highest bidder loses the amount that they bid, making them the biggest loser in the auction.
Forms:
form: dollar auctions
tags: plural