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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Thu, 22 Apr 1999 00:07:51 GMT
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Viewed:
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847 times
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In lugnet.market.auction, mparker@russell.com (Mark Parker) writes:
> 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.
Reserve-price auctions are the most nefarious thing ever invented.
--Todd
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