If your strategy remains unchanged, I can change my strategy to “999,999.99 please” and come away with 1,000,000.01 in total, so that’s not a Nash equilibrium.
I see. And from then it follows the same pattern as a dollar auction, until the “winning” bet goes to zero.
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If your strategy remains unchanged, I can change my strategy to “999,999.99 please” and come away with 1,000,000.01 in total, so that’s not a Nash equilibrium.
I see. And from then it follows the same pattern as a dollar auction, until the “winning” bet goes to zero.