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Dollar auction

non-zero sum sequential game about auctioning a $1 bill with the rule that the 2nd-highest bidder also loses the bid amount; a paradox in which players make an ultimately irrational decision based on apparently rational choices

Pronunciation
/ˈdɑlər ˈɔkʃən/
/ˈdɒlə ˈɔːkʃən/