Subject:
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Re: Proxy ratcheting: How do auction systems work?
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Newsgroups:
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lugnet.market.auction
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Date:
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Mon, 19 Apr 1999 23:04:59 GMT
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Viewed:
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802 times
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In lugnet.market.auction, lar@voyager.net (Larry Pieniazek) writes:
> [...]
> In particular, if you look at bidding history, I think this is how
> AucZILLA works. But I could be wrong, which is why I am asking.
>
> Consider this scenario. 1 dollar minimum bump.
>
> Item starting bid is 10.
> Bidder A puts in a bid of 10 with a proxy cap of 13.
> Bidder B puts in a bid of 11. This exceeds A's current bid, and B gets
> the item "temporarily".
>
> The auction software ratchets A's bid to 12, taking the item back.
> Bidder B puts in a bid of 13. This exceeds A's current bid. B gets the
> item.
In the AucZILLA system, the lot is awarded to A (not B) for 13, because A's
bid of 13 came in first.
> No further bids ensue
>
> For the software to allow A to overbid B, A would have to have a proxy
> cap of 14. But A does not. His cap is 13, so the software cannot bid him
> to 14, nor should it. So B retains the item.
>
> Yet A had signaled willingness to go to 13, and had done so well before
> B bid that amount. By rights, the item should have been won by A. He
> "bid 13" first. Had he put in a hard bid of 13, he would clearly have
> been there first under AucZILLA rules, right?
Yes.
> Am I all wet? Does AucZILLA work this way?
> [...]
AucZILLA gives priority to the earlier of two equal bids, regardless of
automatic increments. It would go to A for 13, not to B for 13.
--Todd
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Message has 1 Reply:
Message is in Reply To:
 | | Proxy ratcheting: How do auction systems work?
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| I (as well as all other participants) got a note from Ian Bishop in early March about a proxy quandary that had arisen. Seems he had a bidder that had bid 285 (a winning bid at the time) with proxy cap of 300. Someone else subsequently bid 300. Ian (...) (26 years ago, 19-Apr-99, to lugnet.market.auction)
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