| | Re: Proxy ratcheting: How do auction systems work?
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Larry, I must protest! In designing the system, I wanted first of all to allow firm bidding - which is an important signialing tool in an auction. But the 'common' rules in proxy-only auctions would have bestowed every advantage upon the proxy bid, (...) (26 years ago, 21-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) No. Not required. The auction system doesn't have to be fair to be working "correctly". But the RULES can be broken. And I'm with you, the rules in eBay that allow a one penny overbid to take a solid wide range proxy bid away are indeed (...) (26 years ago, 21-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) I don't know if you're splitting hairs, but splitting hairs is probably a good thing in this case. :I This whole area/topic (auction theory) is something that I'm extremely opinionated[1] about -- and not afraid to show it, even at the risk of (...) (26 years ago, 21-Apr-99, to lugnet.market.auction)
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| | Glen's Assorted Lego Auction - 4/20 Update
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*** Items have progressed to "Going 2". If no new bids are received, the auction will progress to "Sold" on Thursday 4/22. Items with bids will progress every two days until sold. *** Hello all. It is time again for another auction. Following is a (...) (26 years ago, 20-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Maybe a bit subjective, yeah. :) (...) And fairly. (...) I'll explain why it's broken below... (...) The behavior isn't broken given the rules. The rules are broken. EBay's rule (requiring a new bid to exceed the current bid by the minimum (...) (26 years ago, 20-Apr-99, to lugnet.market.auction)
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