noun
Meaning 1
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.
Definition source: English Wiktionary via Wiktextract
Topics: computing, engineering, game-theory, mathematics, natural-sciences, physical-sciences, sciences
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: none provided
Antonyms: none provided