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(...) I've placed proxy bids which did not meet the seller's reserve. I couldn't figure out an easy way to force my minimum up and in a few cases not met the reserve because no one else came along to bump up my proxy. So I assume that a firm bid (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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(...) It doesn't allow them to withdraw their bid. It allows them to reduce their private maximum. This hurts neither the seller nor the other bidders in any way. (...) A firm bid is a special case of a proxy bid in which the minimum and maximum (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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(...) if (...) their (...) any (...) Yes, but, psychologiaclly, this could be detrimental for the bidder, in that people may bid too much, thinking they can always change later. Not having such an option, people must give greater consideration to (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Reserve-price auctions are the most nefarious thing ever invented. --Todd (25 years ago, 22-Apr-99, to lugnet.market.auction)
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(...) Someone bids $100 with a proxy max of $500. Now it's climbed to $150 and the bidding is still hot, and the high bidder realizes he doesn't have $500 after all (maybe it was a typo, or maybe he was counting on some money to come in which didn't (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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(...) can't (...) new (...) address) (...) I would contest that a more reasonable way to get out of the bid is to let the seller know well before the auction ends that the bidder is unable to pay for what he has bid. Then that bid can be canceled. (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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(...) But it is possible to bid $10, and see the bid bounce back to the other person at $10. So limiting bids to exact increments won't solve the "revealing the proxy bid" syndrome. I think you were more on track with the approach of raising the (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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In lugnet.market.auction, Todd Lehman writes: [snip] (...) From the number of the responses to this and a few other Auction technology threads, maybe we need lugnet.maket.technology group? (25 years ago, 22-Apr-99, to lugnet.market.auction)
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(...) Sure, of course it's more honest if the bidder bows out honorable way. But not everyone is going to do that. If you allow people to renege on their high bid without any penalty or record-blackening, the result over time is many frustrated (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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Todd Lehman wrote in message ... (...) unable (...) as (...) to (...) I don't know if eBay spends ANY time policing their system. I am sure they do, but its not evident. The feedback thing seems to be the main thing thats used. And if you fail to (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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(...) [snip] (...) Market theory could include algorithms, etc. but my initial reaction is - What makes an auction good, just, fair, well run - it turns into an ethical discussion for me - although that might not be a bad topic for here either. (25 years ago, 22-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) [snip] (...) Market theory could include algorithms, etc. but my initial reaction is - What makes an auction good, just, fair, well run - it turns into an ethical discussion for me - although that might not be a bad topic for here either. (25 years ago, 22-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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(...) Hey, that's a cool name that might work. Are these analysis/theory threads becoming too much to follow in a primiarly-non-discussion group? Are these discussions noise here? If so, then yes, there should be a separate group for this sort of (...) (25 years ago, 22-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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(...) OOPS - I jsut did a "McDonald" - just kidding TOM (25 years ago, 22-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) You can't eliminate Firm Bids, PERIOD. If I wanted a firm bid of X in an auction that didn't allow them, I'd bid a Proxy of X-minincr and X. That's a waste of bidder's time, is it not? I personally use Ebay (and of course at least half of the (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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| | ng for auction technologies/theory?
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(...) Is that a case in favor of .market.theory or in favor of .market.tech? In my mind, ethical issues fit much more closely with what .market.theory means but not so much with what .market.tech* means, so ethics would be a case in favor (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: ng for auction technologies/theory?
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(...) I agree that .theory is too narrow. What about market.techniques? To me that would seem to encompass the theory aspect to a certain extent as well as the use of technology. Anyone can discuss tips on what/where/how/when to buy/sell. I had (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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(...) If you dislike the feature that much, then you shouldn't support the feature. But it is a very good feature nonetheless, because it helps your bidders accomplish what they want to accomplish. (...) You won't make anything less harmful for (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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(...) I think what ultimately hurts an auction site (or any site, for that matter) is not giving people the features they want. How many IRL auctions have you -ever- heard of that -didn't- allow large bid jumps? The kind of jumps that cause the (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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(...) Why not lugnet.market.discuss? (or STB lugnet.market.disc? Use appropriate abbreviation here) The topic du jour may be auction philosophies and the best rules to build an auction around, but there are other discussion-type topics which could (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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(...) I like market.theory better than technology for two reasons 1) as Todd said, cut back on people thinking they can buy CD players there... 2) Theory encompasses technology. 3) the Usenet precendent. OK, 3 reasons. That said, I don't think (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Yes. Should you be bidding in auctions if you haven't organized your life sufficiently to have bought insurance? No, you shouldn't. If you do anyway, and have to welsh because you didn't think things through, you deserve a black mark. Else (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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I like the idea of lugnet.market.auction.d (discussion) since most of the people must be looking for auctions in this particular group. Todd Lehman wrote in message ... (...) People like options. Right. But people, myself included, can hear of some (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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(...) Yes, but a large measure of the pleasure is a negative pleasure, that of intentionally hurting other people. I'm pretty sure most people who snipe don't think much about it, they're just playing the game by the rules, but there are also plenty (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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(...) I was just going to say that. I think that a lugnet.market.discussion or similar would encompass all the issues that have been presented without misleading in any way. It's not as specific as .theory or .technology which I consider a plus, but (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) I like it: lugnet.market.discuss! (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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Todd Lehman wrote in message ... (...) then (...) final (...) For a Siege Cart?? Wow! Actually thats roughly 66% more, but who's counting. :-) OTOH, if he had bid $50 or $60 from the get go, when the minimum was only $6, its highly likely the (...) (25 years ago, 23-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Because shipping and shopping are marketplace discussions but not theory or technologies/techniques. A broad name like .market.discuss invites people to talk about everyday things like FOTW's and UPS vs. USPS, both of which have their own (...) (25 years ago, 23-Apr-99, to lugnet.market.auction, lugnet.admin.general)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) I must say that things like that are what make real life auctions exciting. What's even more exciting is when the huge jump DOESN'T stop the bidding... (...) While not as large an excess bid as the examples you mentioned, I just participated (...) (25 years ago, 28-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Large jumps delight me. I've had lots that were bickering in the $1 range suddenly be upped by bidder # 1 to $3. Then, after being raised to $3.10 by #2, the #1 it again to $7. I'm delighted because I wouldn't expect it to make it that far on (...) (25 years ago, 29-Apr-99, to lugnet.market.auction)
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