Let us consider a coin toss game in which there are 5 players and one fair coin (P(H)=P(T)=0.5). All these five players bet against the value on each toss and based on the result of each toss, there is either exchange of money or addition/subtraction of points, which each player tends to maximize and fear its reduction/loss.
Also, in this game, the process of betting is visible to all players and it is only after everyone has voted or betted against the coin, the result of the toss is revealed to all players and then the rewards/points are rewarded/deducted such that there some winners (which made the right bet or guess) and some losers (which made the wrong guess) in every round.
Now, I have two questions
Also, if there is any study to show does the betting decisions are influenced by the winners (perceived winners of the past rounds) and the first bidder and that has any effect on the value of the coin.