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TrE comments on Game Theory As A Dark Art - Less Wrong
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I once bought a Euro for 99 Cents, being the first bidder, noone else had anything to gain by bidding more.
I'd bet that on average that play loses, because you need a 99% success rate, and people will do random crazy things more often than that given how many people have the opportunity...
Indeed. I thought about this as well when I wrote the comment (not so much when I actually played), but decided not to write that down. That considered, I was very surprised about the +6 karma for the grandparent and the fact that nobody had brought this up yet. Well done!
This kind of bet is the reason why especially evil game masters play the game with the slight variation that bets can only happen in small increments, similar to an English auction where the auctioneer puts forth a price and asks if any one person is willing to pay that price, and, if it's more than one person, raises the price.