Rubber bridge they must play a card of the suit led if they have one. A player who has no cards of the suit led may play any card either discarding or trumping. A trick is won by the highest card of the suit led unless trumps are played, when the highest trump wins. The winner of the trick leads to the next trick. The main article includes a detailed description of rubber bridge scoring with examples. Essentially, each winning bid's value is scored "below the line" (e.g., 3 Spades nets 90 points below the line) and overtricks, bonuses, etc. are scored
Common value auction The expected auctioneer's revenue is: Note that here, the revenue equivalence principle does NOT hold—the auctioneer's revenue is lower in a first-price auction than in a second-price auction (revenue-equivalence holds only when the values are independent). Common-value auctions are comparable to Bertrand competition. Here, the firms are the bidders and the consumer is the auctioneer. Firms "bid" prices up to but not exceeding the true value of the item. Competition among firms should drive out profit. The number of firms will influence the success or otherwise of the auction process in driving price towards true value. If the number of