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
Vickrey auction payment in the sealed second-price auction. Vickrey considered the case of two buyers and assumed that each buyer's value was an independent draw from a uniform distribution with support formula_15. With buyers bidding according to their dominant strategies, a buyer with valuation formula_12 wins if his opponent's value formula_17. Suppose that formula_12 is the high value. Then the winning payment is uniformly distributed on the interval formula_19 and so the expected payment of the winner is We now argue that in the sealed first price auction the equilibrium bid of a buyer with valuation formula_12 is That is, the payment