"Idiot" is wrong - "unable too coordinate" Imagine a game - a game master auctions off a $100 bill and the players get to bid any amount that's more than a previous bid and the winner when bidding stops gets the bill. One catch though - win or lose everyone pays his highest bid https://twitter.com/Logo_Daedalus/status/1303040507816357888 …
The situation is perfectly symmetric - all players face the same incentives. There's no point where not bidding has a better payoff than bidding and a rational player always takes the higher payoff.
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If you're looking for the way out of the dilemma then the answer is to coordinate. Failing that, don't bid at all. But the analogous solutions aren't possible in a competitive marketplace. If you leave expected future gains on the table competitors won't.
End of conversation
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