 | | Re: Proxy ratcheting: How do auction systems work?
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(...) it (...) proxy. (...) So in a similar scenario to the one Larry's pointed out - if I come along with a $200 firm bid (and a $250 maximum) just before your phone bill arrives, then I don't get the shuttle, and your firm bid shoots up to $250. (...) (25 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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(...) Sorry - I actually meant to say that some replies had indicated that AucZILLA doesn't work _in the way Larry had described_, not that it doesn't work (full stop). Reading through my last posting, there was a comma after 'work' which shouldn't (...) (25 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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(...) Well, I can appreciate the technical elegance but I'm not sure I think this is a good thing or not. Basically you're saying that as a bidder, you can retract the "secret" part of your bid, as long as it hasn't been revealed yet. In your (...) (25 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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The bidding mechanism also has some new functionality. Assume the current lot is open with no bids and a $10 minimum. Next, assume it is an Airport Shuttle - built once. I make a firm bid of $150, fine. I then make a proxy bid of $400. The net (...) (25 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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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, (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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