< In The Armchair Economist, Landsburg describes the "Glum Losers" auction. < The winner (the highest bidder) gets the product and everyone else pays the < amount of their bid. < < Has this auction ever been used? If so, any details? < < Cyril Morong
Elections and sporting events are examples. Everyone competes and pays, only the winner gets the prize. Common property problems are also examples, for the same reason. Bill Sjostrom +++++++++++++++ William Sjostrom Senior Lecturer Department of Economics National University of Ireland, Cork Cork, Ireland +353-21-490-2091 +353-21-427-3920 (fax) [EMAIL PROTECTED] www.ucc.ie/~sjostrom/
