What happens if the first bidder bids $19 (or $19.99, or in general, the amount being auctioned minus the smallest permissible increment)? Any potential second bidder can’t make any money. (...Without colluding with the auctioneer—is that allowed?)
What happens if the first bidder bids $19 (or $19.99, or in general, the amount being auctioned minus the smallest permissible increment)? Any potential second bidder can’t make any money. (...Without colluding with the auctioneer—is that allowed?)