Subject:
|
Re: Proxy ratcheting: How do auction systems work?
|
Newsgroups:
|
lugnet.market.auction
|
Date:
|
Wed, 21 Apr 1999 11:56:40 GMT
|
Viewed:
|
1043 times
|
| |
|
|
In lugnet.market.auction, Derick Bulkley writes:
> 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 ;-)
So in a similar scenario to the one Larry's pointed out
- if I come along with a $200 firm bid (and a $250 maximum) just
before your phone bill arrives, then I don't get the shuttle, and
your firm bid shoots up to $250.
On the other hand, if I'd waited an extra half hour and placed my $200
bid just after you withdrew your proxy, then I might get the shuttle.
You end up with a situation in which you might reward someone for delaying
posting a bid!
Somehow, I don't think auctions are supposed to work like that. :)
Simon
http://www.SimonRobinson.com
|
|
Message has 1 Reply:
Message is in Reply To:
96 Messages in This Thread:
 
 
 
- Entire Thread on One Page:
- Nested:
All | Brief | Compact | Dots
Linear:
All | Brief | Compact
This Message and its Replies on One Page:
- Nested:
All | Brief | Compact | Dots
Linear:
All | Brief | Compact
|
|
|
|
