How to Auction off an Ordinary Twenty Dollar Bill for Fun and Profit
How to Auction off an Ordinary Twenty Dollar Bill
for Fun and Profit
If you have a nice friendly neighborhood party on the deck or patio with a fire pit going, you might want to try this… well… sort of… party game
It’s really not a game at all – it’s some serious business as you will discover. You could make some money, get entertained, and learn something about human behavior all at the same time. What a deal.
Auction off a twenty dollar bill
Why not auction off a twenty dollar bill at your party?
Pull a twenty dollar bill out of your pocket.
Auction it off according to these simple rules
- Bids are in one dollar increments
- Highest bidder wins
- The second-place bidder has to pay his/her bid and get nothing.
“You can observe a lot by watching ” – Yogi Berra
This is really a game of strategy, negotiation, commitment, and loss aversion.
Give it a try. What you learn from observing the behavior during this auction is going to give you some insight into the thinking and behavior of your friends and neighbors that you probably could not get any other way.
Warning – you might see some very bizarre behavior during this auction.
Think through what might happen. At the time of this writing, the highest documented bid for an ordinary twenty dollar bill was $204.
What can you learn from this acution? Stay tuned for an upcoming posting on this site and watch how it can be applied to organizational behavior. Best if you try this acution for yourself in advance – before we post the analysis and how it can be observed in an organizational context.