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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Wed, 21 Apr 1999 05:11:43 GMT
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Reply-To:
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lpien@IWANTNOSPAM.^stopspam^ctp.com
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Viewed:
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941 times
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Todd Lehman wrote:
>
> In lugnet.market.auction, lar@voyager.net (Larry Pieniazek) writes:
> > Not to split hairs, here, because now that I'm reassured that AucZILLA
> > works the way it does, I like the way it works... but isn't "correct" a
> > bit of a stretch?
>
> Maybe a bit subjective, yeah. :)
>
> > I'd say an auction system is working "correctly" if
> > the rules it claims to implement are consistent, and if it actually
> > implements them faithfully.
>
> And fairly.
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 broken, and the eBay implementation that hews to those rules,
while "correct", is a misfeature leading to much lossage. And
frustration.
Systems are correct if they do what they say they do. Rules are correct
if they ensure, or at least foster, fair outcomes (1). There's a
distinction.
Well over the hairsplitting line and on into splitting quarks territory
now.
<snipped the rest because I agree in spirit even if I am nitpicking>
As to Derick's scenario 3, lo these many appends back, I think his
system is OK but his rules are broken. Same as eBay, same reason.
Derick, change it now while you can, before it gets baked into
expectations of many many bidders. Remember, one of your selling points
is that you're different than eBay. Cherish that difference. Here is
another place for you to shine, brightly.
1 - a point to note (and this relates to libertopia, too...) life is not
fair. No system can guarantee fairness under any circumstances (consider
major asteroid strikes and their impact on auctions under way, for
example). But systems can, and should, do all they can to be fair.
--
Larry Pieniazek http://my.voyager.net/lar
FDIC Know your Customer is wounded, thanks to you, but not dead...
See http://www.defendyourprivacy.com for details
For me: No voyager e-mail please. All snail-mail to Ada, please.
- Posting Binaries to RTL causes flamage... Don't do it, please.
- Stick to the facts when posting about others, please.
- This is a family newsgroup, thanks.
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Message has 1 Reply:
 | | 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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