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 23:09:33 GMT
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Viewed:
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1030 times
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In lugnet.market.auction, simon.robinson@sdxplc.com (Simon Robinson) writes:
> 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. :)
It can only reward someone for delaying if they knew that you had dropped
your bid, which they wouldn't know. Also, consider the case when you raise
your proxy max rather than leaving it where it is.
--Todd
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Message has 1 Reply:
Message is in Reply To:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) it (...) proxy. (...) 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. (...) (26 years ago, 21-Apr-99, to lugnet.market.auction)
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