Story
How much will you bid for a $100 note?
Your friend invites you for a group dinner and requests the members to participate in an auction game.
Your friend announces that he will auction a one hundred dollar note. The bid amount will be in multiple of dollar five only. This auction is different since in this second highest bidder will also pay the amount he has bid, although he will not win. Example is given below.
Let us assume in the last round there are two players. Bidding has stopped and last bids are, A has bid thirty and B has bid thirty five dollar. In this example, your friend will pay sixty five dollars to B since he is the highest bidder and will get thirty dollars from A, who is the 2nd highest bidder. Hope the rules and results are clear.
Would you be willing to bid dollar five to start the auction?
Photo Adaptation/Flickr/Emilian Robert Vicol
Share on
Similar Stories
Previous Ten
How will you survive a forest fire?
A forest fire is an uncontrolled event occurring...
Are you going to cancel the holidays?
Imagine the following situation.
A few months...
Are you missing beauty?
What would happen, if a world class musician...
Loss of Trust
You work for HR head reporting to the MD, in a...
let us solve simple problems
let us solve simple problems
1. A bat and ball...
Which surgery do you suggest?
Imagine someone is suffering from a critical...
The Whistleblower
A Japanese MNC has a whistle blowing policy under...
Are you rewarding your people correctly?
We often need to reward our children and team...
Will you ever choose a falling income?
You are in an interview and the interviewer asks...
Your role has been advertised online
You had recently taken up a new job in a well...
Negotiation is an important life skill
We negotiate most of our waking hours. We negotiate with our team members, colleagues, bosses and vendors at work, with our kids, spouse and parents at home. We negotiate during buying or selling of an asset e.g. house, car and also conflict resolution and during salary negotiations. Negotiation is an important life skill and it contributes to our success.
If we do not negotiate well or don’t negotiate at all then there is a big chance that we are going to leave money on the table, which could have been ours. We often don’t negotiate because we feel it is inappropriate or feel uncomfortable and fear it.
“You don't get what you deserve. You get what you negotiate.” Chester Karrass
Sign In to share your comments
Your Comments
1 Comment