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 06:35:29 GMT
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Viewed:
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797 times
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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, leaving the firm bid all but impotent. I took it upon myself to
allow an advantage to the firm bid, via the 'disadvantage' to the proxy in case
3. Further, the whole sniping issue is moot: the beauty of the non-timed
auction is that it promotes the dissemination of information, by ensuring that
late information - a last minute bid - is not allowed to determine the outcome.
Therein lies what I beleive to be the ugliness of timed auctions - they
discourage bidders from revealing information (how they value a given lot)
until as late as possible. Don't get me wrong - timed auctions are a brilliant
method of creating excitement about otherwise mundane merchandise - it's just
that I abhor the idea that people believe it is the only way to run an auction
on the internet.
sorry if the typing's off, it's been a *really* long day..
Derick
>
> 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 2 Replies:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Hmm, how so? Can you give an example? (...) I think a byproduct of assigning labels to bid types is confusion about what's really going on. What's really going on in a "proxy bid" is this: You have a bid range -- an ordered pair (x,y), where x (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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