Colin M. Fisher

“New group members aren’t just newbies to indoctrinate; they are great opportunities to learn.” - Colin Fisher || The Collective Edge @ColinMFisher

The @Lane_Kiffin scenario is economist Martin Shubik's "The Dollar Auction", which nails the irrationality turning into escalation when in competition. => But this time playing out on a huge stage. If you don't know the Dollar Auction experiment you're in for a treat. In fact there is even an **example of someone paying $2,000 to "win" a $20 bill, with the 2nd bidder bidding $1,950. But here's the kicker - the "winner" here lost $1,980 in the deal, ($2,000-the $20) and the "loser" lost $1,950 ➡️The $1 auction consistently ends with people paying significantly OVER the cost of $1 to "WIN" the dollar Take a deeper look. 👇 The rules are that two or more bidders compete to buy a $1 bill. => But with a twist that BOTH the highest bidder and the 2nd highest bidder must pay their final bids. 1) The Bidding starts with each person rationally bidding at prices less than $1.00 (or whatever the bill is that's up for auction) naturally, to earn a profit. 2) But in case of $1, if someone bids $0.95 and the 2nd highest bidder bids $0.90, the 2nd bidder loses $0.90 => So what do they do? They bid $1.00 to not lose. This escalates RAPIDLY and people have reported to getting lost in themselves and even forgetting what they're even bidding on and ego taking over. Once the bidders are engaged, like LSU and others (reportedly) it is almost impossible to not behavior kick in and let it escalate Example **Cited from The Collective Edge by @ColinMFisher @OleMissFB @LSUfootball @espn @RapSheet @NCAAFootball @espn @KirkHerbstreit @CollegeGameDay @PatMcAfeeShow