March 22, 2013
/PRNewswire/ -- A group of
faculty and staff have come up with a way to make March Madness more interesting.
For the past few years, rather than filling out traditional brackets, the Grinnellians have each invested a predetermined amount of (imaginary) money in eight NCAA tournament teams through an
, a pool participant and associate professor of English at
explained in a blog post
, each participant has an imaginary
to spend as he or she chooses. "Teams are bought in a standard auction format, with rising bids in
increments," he notes. But in the
auction, participants don't choose one team to win each tournament game; instead, participants purchase teams according to whatever criteria are most important to them -- the team's win-loss record, personal affiliation, mascot name or whatever. This means that participants don't have to restrict their choices according to game or conference -- they pick the teams they like regardless of where the teams are in the bracket.
Each game that a team wins is worth a certain percentage of the total auction pot. For example, in the eight-person
pool, each victory in the first round is worth
. A win in the second round nets an additional
. Victories in subsequent rounds earn a few bucks more, and the tournament champ earns a total of
, against an initial investment of
's March Madness auction was born about five years ago, during an informal conversation between Simpson and
's director of social commitment. Auction formats are standard in some fantasy sports, Simpson noted, "so Doug had this idea of applying it to March Madness." The notion caught on, and the March Madness auction has become a rite of spring.
auction participants aren't in this for the money. Instead, Simpson says, the unusual format is designed to keep the contest interesting. "The problem with the traditional bracket approach," he notes, is that the vast majority of the games have a conventional outcome. It's the favorite versus the underdog -- and it's therefore completely uninteresting to pick a favorite to win." In the auction approach, participants can't share teams -- the team "belongs to" the player who believes most strongly in that team and has bid the most for it. "So there are degrees of faith," Simpson explains. "You may be sure that
's going to win -- but how sure are you? That will determine how much you're willing to bid, and whether you wind up rooting for them in the end."
What this sets up, Simpson says, "is a pool that becomes expressive. You can tell where the participants' passions lie by looking at how they invest their money."