Auctions : 1286


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Subject:	Re: Proxy ratcheting: How do auction systems work?
Newsgroups:	lugnet.market.auction
Date:	Wed, 21 Apr 1999 11:36:53 GMT
Reply-To:	LPIEN@IWANTNOSPAM.ihatespamCTP.COM
Viewed:	871 times

Derick Bulkley wrote: > > 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 > result is I now have a proxy bid at $150 with a max of $400. > > Then the phone bill comes. I'm feeling a bit poor. Now I make a firm bid of > $200. Net result - I have a firm bid of $200. I put a STOP order on my proxy. > > Then I win the lottery, and submit a proxy bid of $600. Net result: a proxy > bid of $200 with a max of $600. > > I sure hope somebody can appreciate this ;-) 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 scenario, if I came along and put in a 375 proxy just before you retracted your 400, it would be too late. Would it not be better to train bidders to think about what they bid, realising that they have to mean it? -- 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.

Message has 2 Replies:

		Re: Proxy ratcheting: How do auction systems work?
(...) 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)

		Re: Proxy ratcheting: How do auction systems work?
(...) 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)

Message is in Reply To:

		Re: Proxy ratcheting: How do auction systems work?
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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