Car selling in silent auction puzzle
You are hosting a silent auction to sell your antique car.
The rules are:
(1) prospective buyers bid for your car by placing their bids in sealed envelopes,
(2) then after collecting all bids, you sell the car to the highest bidder for the price that he bid.
This may seem like a reasonable way to conduct a silent auction, but there is a risk involved for you, the seller. If your car is highly valuable, but all buyers think they are the only ones who recognize that it is, they may actually make bids that are LESS than they think the car is actually worth. As a result, your bids will be lower, and you suffer.
Now, You are given an opportunity to make change in rule for the silent auction that will induce people to bid what they think an object is truly worth? What rule will you be applying in conducting the bid, so that you’ll not suffer loss and buyer will bid as per the true worth?
Rule is “The person who make the Second highest bid will get the car”
could you please explain?
The rule will be: “the person who makes the 2nd highest bid will get the car”. Its like a riddle of 2 persons riding horses and the rule is that the horse that will be 2nd will win the race but you want them to ride as fast as possible so since it is the person’s horse that wins and not the person each of them will ride on his friend horse hoping he gets 1st to his horse that his friend rides will get 2nd so he’ll get the price.
The same logic is here too. If you give a too much lower bid you will lose’ so you choose a bid close enough to the real and maybe a little more hoping someone will give a higher bid that you…
Your Answer
More puzzles to try-
What is the logic behind these ?
3 + 3 = 3 5 + 4 = 4 1 + 0 = 3 2 + 3 = 4 ...Read More »Defective stack of coins puzzle
There are 10 stacks of 10 coins each. Each coin weights 10 gms. However, one stack of coins is defective ...Read More »Which clock works best?
Which clock works best? The one that loses a minute a day or the one that doesn’t work at all?Read More »(Advanced) Cheryl’s Birthday Puzzle
Paul, Sam and Dean are assigned the task of figuring out two numbers. They get the following information: Both numbers ...Read More »Five greedy pirates and gold coin distribution Puzzle
Five puzzleFry ship’s pirates have obtained 100 gold coins and have to divide up the loot. The pirates are all ...Read More »Magical flowers!!
A devotee goes to three temples, temple1, temple2 and temple3 one after the other. In front of each temple, there ...Read More »Tuesday, Thursday what are other two days staring with T?
Four days are there which start with the letter ‘T‘. I can remember only two of them as “Tuesday , Thursday”. ...Read More »How could only 3 apples left
Two fathers took their sons to a fruit stall. Each man and son bought an apple, But when they returned ...Read More »How Many Eggs ?
A farmer is taking her eggs to the market in a cart, but she hits a pothole, which knocks over ...Read More »HARD MATHS – How much faster is one train from other Puzzle
Two trains starting at same time, one from Bangalore to Mysore and other in opposite direction arrive at their destination ...Read More »Most Analytical GOOGLE INTERVIEW Question Revealed
Let it be simple and as direct as possible. Interviewer : Tell me how much time (in days) and money would ...Read More »Lateral thinking sequence Puzzle
Solve this logic sequence puzzle by the correct digit- 8080 = 6 1357 = 0 2022 = 1 1999 = ...Read More »How did he know?
A man leaves his house in the morning to go to office and kisses his wife. In the evening on ...Read More »Pizza Cost Math Brain Teaser
Jasmine, Thibault, and Noah were having a night out and decided to order a pizza for $10. It turned out ...Read More »Which letter replaces the question mark
Which letter replaces the question markRead More »Which room is safest puzzle
A murderer is condemned to death. He has to choose between three rooms. The first is full of raging fires, ...Read More »Richie’s Number System
Richie established a very strange number system. According to her claim for different combination of 0 and 2 you will ...Read More »Srabon wanted to pass
The result of math class test came out. Fariha’s mark was an even number. Srabon got a prime!! Nabila got ...Read More »Become Normal!!
Robi is a very serious student. On the first day of this year his seriousness for study was 1 hour. ...Read More »Sakib Knows The Number!
Ragib: I got digits of a 2 digit number Sakib: Is it an odd? Ragib: Yes. Moreover, the sum of ...Read More »
