2014-12-29

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2014-12-29

Title text: 2014-12-29

Votey

Explanation

This explanation is either missing or incomplete.

Transcript

This transcript was generated by a bot: The text was scraped using AWS's Textract, which may have errors. Complete transcripts describe what happens in each panel — here are some good examples to get you started (1) (2).

[Describe panel here]

In economics, there is a concept called 'dollar auction."

You auction a dollar. The winner and runner-up both pay the amount that they bid for

The dollar.

This leads to a surprising result.

I've bid 99 cents, and he's bid $1.00. So if I give up, I lose 99 cents. But, if I bid $1.01, and win, I only lose a cent. So. I should keep

Bidding

The point of the concept is to illostrate that rational choices can lead to irrational behavior.

Ifi lose, I'm out infinity dollars. But if I win, I'm only out infinity-minus-one

Dollars.

But sometimes I wonder about its applications in real life.

I'll wait for my spouse to calloff the marriage. That'll be easier.

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Votey Transcript

This transcript was generated by a bot: The text was scraped using AWS's Textract, which may have errors. Complete transcripts describe what happens in each panel — here are some good examples to get you started (1) (2).

[Describe panel here]

Economics: Surprised that people are dumb since 1848.

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