Serious 3NT Serious 3NT Serious 3NT is a contract bridge bidding convention. It is used in game-forcing auctions where a major suit has been agreed upon. 1–2 if using 2/1 Game Forcing or 2–3 (Agreeing spades) The next bid indicates suitability for slam: Since Spades are the agreed trump suit, Three No Trump is not usually the best contract. Using Serious Three No Trump, a bid of Three No Trump says "I am Serious about slam", i.e. "I have a good hand". Bypassing bidding Three No Trump says "I am not Serious about Slam". Examples shown in the above auction. If one
Winner's curse to account for the winner's curse when bidding (an outcome that, according to the revenue equivalence theorem, need never occur). In a common value auction, the auctioned item is of roughly equal value to all bidders, but the bidders don't know the item's market value when they bid. Each player independently estimates the value of the item before bidding. The winner of an auction is the bidder who submits the highest bid. Since the auctioned item is worth roughly the same to all bidders, they are distinguished only by their respective estimates of the market value. The winner, then, is