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 01:40:10 GMT
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Viewed:
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886 times
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On Wed, 21 Apr 1999 18:14:31 GMT, Larry Pieniazek <lar@voyager.net> wrote:
> 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 the rounding rules (as I understand them)
>
> 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?
Ouch! 15% is extreme for a bid increment. So much for me doing much
bidding on that site.
> 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.
I would say that overly-large bid increments is a separate problem, but it
does help illustrate that no-minimum-increment-to-beat-the-proxy-bid is a
Bad Thing.
Steve
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Message has 1 Reply:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Steve, The Serious Collector allows the selling Member to pick the indrement: 5% 10% or 15% - it is not fixed at X%. The selling Member thus controls the speed of the auction, or rather s/he manages how quickly a lot reaches its "ideal" price. (...) (25 years ago, 22-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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