Subject:
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Re: When is "Not an Auction" really an auction?
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Newsgroups:
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lugnet.market.theory
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Date:
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Thu, 2 Dec 1999 00:03:07 GMT
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Viewed:
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246 times
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In lugnet.market.theory, Mike Stanley writes:
> Larry Pieniazek <lar@voyager.net> wrote:
> > I'm with you. These are auctions.
A sealed-bid auction is a *DEGENERATE CASE* of an auction. They're only
known as "auctions" because some bozo once upon a time many years ago
called them auctions.
The spirit of an auction is to solicit bids and use those bids in turn to
solicit progressively higher bids. You can't have a true auction unless
bidders can see other bids (or, at least, the current highest bid).
Otherwise it's no different than an FS/OBO.
> > However, the powers that be have
> > already ruled that single round sealed bid auctions are OK for b-s-t.
>
> Really? That's weird - Todd's a really smart guy. How could he be
> dead wrong on this issue?
But he's not wrong on this issue. :-)
--Todd
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Message has 1 Reply:
 | | Re: When is "Not an Auction" really an auction?
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| (...) I would agree with this for a single-time sale. But for multiple items (like a securities auction, which is something I've learned a little bit about in the last year) sealed-bid auctions are perfectly reasonable for some types of (...) (25 years ago, 2-Dec-99, to lugnet.market.theory)
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