hyperlinks as bets: pagerank variant as an artificial game market

When page X links to Y, then the pagerank of X goes up (down) if the pagerank of Y goes up (down).

Would such a thing make sense?

Is it prone to spamming?

What sort of formula would you use for this modified pagerank computation?

the equilibrium solution would be for everyone to link to the most popular destination, so this makes no sense.