675 sats \ 1 reply \ @grayruby 10 Jan \ parent \ on: Cowboy Hat Reform meta
Yeah then it is truly rare.
Maybe a rare hat should come with a bag of loot dropped by a would be bank robber. 1000 sats get deposited into your account from rewards when you find one.
That takes me back to studying auction theory (that's a good thing). These rare hats are a form of all-pay auction. That type of auction has really complicated equilibria and in practice generates odd behavior.
Relevant to SN, in practice all-pay auctions often generate revenue that is far in excess of the value of the prize.
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