A non-zero-sumsequentialgame designed to illustrate a paradox brought about by traditional rational-choice theory in which players are compelled to make an ultimately irrationaldecision 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.
Modern English dictionary
Explore and search massive catalog of over 900,000 word meanings.
Word of the Day
Get a curated memorable word every day.
Challenge yourself
Level up your vocabulary by setting personal goals.