 | | Re: Proxy ratcheting: How do auction systems work?
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(...) Allowing someone to lower the "secret" part of the bid (the proxy max) is Definitely a Good Thing. If the min/current is $x and the max/proxy is $y, it's important to let the bidder lower $y -- at any time -- to any value (...) This is (...) (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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(...) Really? Consider this scenario that could happen at SeriousCollector You have an item won, sitting at 400, and your max proxy is 500. Someone outbids you with a hard bid of 500.01 (lucky guess on their part) which gets rounded to 500.50 under (...) (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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On Wed, 21 Apr 1999 13:28:47 GMT, "John DiRienzo" <jdiri14897@email.msn.com> wrote: [stuff about eBay, and proxy bidding, and bid increments] About the issue of whether new bids have to beat the proxy by the increment amount, I say this: as long as (...) (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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(...) assume it (...) net (...) bid of (...) proxy. (...) proxy (...) For all the condemnation eBay recieves, I still believe it is one of the best systems made. The system described above is not good at all, IMO, if it allows a person to make a (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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| | Re: HUGE Auction, Train, Technic, Town and Pirates!
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Just a note to thank the many people who have bid thus far! The auction is exceeding my expectations at this point, but there are still many apparent bargains. Assuming the following lots sell for reasonable prices, I will be adding more next week. (...) (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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(...) 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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