Would You Pay £10 for £1?
Learning & Education · English · Portrait · 1 min · whiteboard animation · by @hinasarwat
This learning & education whiteboard animation was made with AutoScribble — the script was written, every scene hand-drawn and the narration recorded automatically in about 10 minutes. You can make one like it from a single sentence.
Transcript
Would you pay ten pounds for a one pound coin? Obviously not. But watch what happens when we change one rule.
The highest bidder wins the coin, but both the winner and runner-up pay their final bids. Bidding starts at ten pence: easy money, until neither bidder wants to lose. Now you’re at ninety pence.
Your rival bids one pound. Stop, and lose ninety pence. Bid one pound ten, and lose just ten pence—if they stop.
But they face the same temptation. They bid one pound twenty. Two pounds…
Three pounds… Five pounds… Each hopes the next bid ends it, while their money disappears.
Winning now means accepting an even bigger loss. The coin never became more valuable. Walking away just became more painful. At what point would you stop bidding?