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 23:57:29 GMT
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Viewed:
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878 times
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In lugnet.market.auction, galliard@shades-of-night.com (James Brown) writes:
> [...]
> I don't know about other people, but I tend to go into an auction (more
> often a parts auction than an auction server, but the principle still
> applies) with two things. A maximum budget, and a list of things I want.
> so if I'm looking at A and B, and have a maximum of $20.00, there's a huge
> variety of prices that can apply. Most of the options open to me involve
> being able to reconsider either lot when I get outbid. If I go with your
> logic above, I bid $10 on each, and leave it. What if A goes for $12 and
> B goes for $3? I've only got 1 lot that I wanted, and I still had budget
> available. If I was able to re-evaulate each time I got outbid (i.e. not
> a snip-able system), I could keep bidding on lot A for another 5 bucks.
>
> I know there's some holes in the logic, but the point is there. I usually
> know how much I'm willing to spend on something, but I can't very readily
> predict how much I _can_ spend on something. Does that make sense?
That makes perfect sense, yes! And you can always scrounge together another
$.50 or $1.00 if you really need to at the last moment. This is why it's so
important to have a re-review period. There are two things that hurt the
most in auctions: (1) losing an item you really wanted badly by being
outbid beyond your means, and (2) losing an item you really wanted badly by
being outbid by a silly small number, for whatever reason. There's nothing
that can be done about the first problem -- that's just endemic to supply
and demand issues of auctions. The second problem is easily prevented by
always giving people ample time to review bids before something goes sold.
> Except that in a live auction, it doesn't end at a set time. It ends
> when people stop bidding. You can't snipe a live auction. Period.
Darn good thing that you can't too! There'd be a lotta people choking on
their own teeth.
--Todd
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Message is in Reply To:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) I don't know about other people, but I tend to go into an auction (more often a parts auction than an auction server, but the principle still applies) with two things. A maximum budget, and a list of things I want. so if I'm looking at A and (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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