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 01:06:42 GMT
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Viewed:
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901 times
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In lugnet.market.auction, Larry Pieniazek writes:
> The bid increment is 15%. Are you willing to take the item to 575 or
> thereabouts to win it back? Why should you have to spend 75 bucks to top
> them if they only spent 50 cents to top you?
>
> Remember, SC uses fixed percentage bid increments. It's early in the
> life of the site, Bev is sharp and Derick is eager to please. Let's
> thrash this out now.
Point well taken, Larry. What about the seller though? It's the *seller*
that pays the bills...
If A's proxy bid is $1000, and the increment is 10%, and B submits a bid of
$1075, then under the proposed method, A wins, get ratcheted up to $1000, and
the next bid is $1100.
Now assume A goes unchallenged and the auction ends.
The seller has now 'lost' $75 in value that another buyer would have been
willing to pay - essentially subsidizing A. Note also, that if A had placed a
Firm bid, then B WOULD have needed to bid $1100 just to qualify...
Your thoughts, Sir? ;-)
<is this a mother of a thread, or what?>
Derick Bulkley
Founder & Big Kahnua
The Serious Collector
http://www.SeriousCollector.com
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Message has 3 Replies:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) But now you're not talking about having to beat the proxy by the increment, you're talking about bidders being unwilling to go to the next increment level. That's a different problem, and happens in every single auction -- they end when no one (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
| | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Hrmmm, I'm coming in late here, so I'll probably say something and find 10 people who say the same thing later in the thread. Sure, the sellers pay the fees. But if the bidding increments are so high that they repeatedly scare off or prevent (...) (25 years ago, 25-Apr-99, to lugnet.market.auction)
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Message is in Reply To:
| | Re: Proxy ratcheting: How do auction systems work?
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| (...) Really? Consider this scenario that could happen at SeriousCollector You have an item won, sitting at 400, and your max proxy is 500. Someone outbids you with a hard bid of 500.01 (lucky guess on their part) which gets rounded to 500.50 under (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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