You Are Playing a Game in Which a Dollar Bill

question 13

Multiple Choice

You are playing a game in which a dollar bill is auctioned. The highest bidder receives the dollar in return for the amount bid. However, the second-highest bidder must pay the amount that he or she bids, and gets nothing in return. The optimal strategy is:

• A) to bid the smallest allowable increment below $1.
• B) to bid nothing.
• C) to bid $0.99.
• D) to bid more than a dollar.

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Definitions:

Positive Reinforcer

A stimulus that, when presented after a behavior, increases the likelihood of that behavior being repeated.

Negative Reinforcer

A stimulus whose removal or avoidance after a response strengthens that response or makes it more likely to happen again.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, evokes a conditioned response in classical conditioning.

Unconditioned Stimulus

In classical conditioning, a stimulus that naturally and automatically triggers a reflexive response without any prior learning.