On: Ask HN: What is the most unethical thing you've do...

[beagle3]

I think it's more often referred to as a Dollar auction[0] - an example where a series of rational decisions leads to irrational behaviour.

[0] https://en.wikipedia.org/wiki/Dollar_auction

[dmurray → beagle3]

The dollar auction is usually run as an experiment in game theory classes and works a little differently from the penny auction sites. In the latter, all of your bids at any point are a sunk cost.

[beaker52 → beagle3]

It has many names.

https://en.m.wikipedia.org/wiki/Bidding_fee_auction

[beaker52 → beaker52]

And I'm a brit. I did the math in cents for greater universality. Maybe a mistake after referring to a penny.

[ender89 → beagle3]

I saw an ad for something like that a while ago, but realized that you couldn't sell an ipad for $0.56 if you weren't getting the full retail plus a margin from somewhere. Thankfully I never got into it.