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 20:30:03 GMT
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Viewed:
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858 times
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In lugnet.market.auction, Todd Lehman writes:
> > And what is the
> > advantage of a firm bid opposed to a proxy bid?
>
> A firm bid is a special case of a proxy bid in which the minimum and maximum
> components of are equal. Allowing the minimum to be set as high as the
> maximum (rather than requiring the minimum to be set lower than the maximum)
> allows bidders to make huge jumps in price if they choose to do so. Some
> people like to do this, as it sends a psychological message to the other
> bidders.
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 would allow me to force my bid up to try and meet
the reserve.
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