Question: Suppose that there is a game called the dollar auction game. This game involves auctioning a dollar bill to two individuals. The rules of the

Suppose that there is a game called "the dollar auction game." This game involves auctioning a dollar bill to two individuals. The rules of the game are as follows: Bidding starts at $0.05 and increases in five-cent increments. A bidder can drop out of the auction at any time by raising a white card and says "Surrender." When this happens, the dollar bill goes to the bidder who did not drop out and the price is the amount of his last bid. The loser, however, must also pay the auctioneer the amount of his last bid. For example, assume that player 2 bids $0.80 and player 1 bids $0.85. Then player 2 drops out, player 1 wins the dollar for $0.85 and player 2 must pay $0.80 to the auctioneer. What is the outcome to this game? Would you play, and why or why not

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