How to pronounce “dollar auction”

Meaning

• [Noun]
• (game theory) 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.

Practice Nearby Words

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Similar Sounds

dilection, toleration, direction, diffraction, detraction, declaration, darken, duration, dilation, dilution, deletion, deflection, darshan, defloration, decoction, darkon, deflexion, delation, dark one, deploration, derrickson