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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Tue, 20 Apr 1999 07:39:18 GMT
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Viewed:
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708 times
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Apart from a few replies that have indicated AUCZilla and possibly
others don't work, this way, I'd be surprised if any bidding software
actually used that sort of algorithm to calculate the new bid, simply
because it's such a computationally inefficient way of doing it.
A quick search
through the current bids to see who has the highest maximum - and if
there's a tie, which one bid first, would be much quicker.
(Although I guess that wouldn't work if you actually
to display all the intermediate steps to the bidders - I don't use
the main bidding systems enough to know if that's the case for them)
Simon
http://www.SimonRobinson.com
> 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.
>
> 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?
>
> Am I all wet? Does AucZILLA work this way? Do other auction systems? Do
> any work the other way? (that is, when a new bid comes in, the current
> proxy bid is first raised to the new bid level, if possible, to see if
> it was there "first")
>
> Are there examples where that would be less fair?
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Message has 1 Reply:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Any indications that AucZILLA doesn't work correctly have been incorrect. (...) What do you mean by "this way" and by "that sort of algorithm"? By "computationally inefficient" do you mean 1/1000 second versus 1/10000 second to process a bid? (...) (25 years ago, 20-Apr-99, to lugnet.market.auction)
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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 (...) (25 years ago, 19-Apr-99, to lugnet.market.auction)
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