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 13:49:41 GMT
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Viewed:
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875 times
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On Thu, 22 Apr 1999 01:20:01 GMT, lehman@javanet.com (Todd Lehman) wrote:
> In lugnet.market.auction, jdiri14897@email.msn.com (John DiRienzo) writes:
> > Adding to that, only allow bids of incremental numbers. If the
> > increment is $1, only allow bids in even dollars. If the increment is ten
> > only allow bids in that increment, such as $70, $80, but not $75. See?
> > This eliminates bumping, I think, if I am not overlooking anything this
> > time. I think this is what I was refering to earlier (above and before),
> > but did not lay it out fully.
>
> This part sounds good too. If the increment is $10 and you don't allow bids
> of $75, it's impossible for someone else to bid $75 and see their bid bounce
> back to the other person at $75.
But it is possible to bid $10, and see the bid bounce back to the other
person at $10. So limiting bids to exact increments won't solve the
"revealing the proxy bid" syndrome. I think you were more on track with
the approach of raising the current bid to match the highest non-winning
bid.
Auction sites should work toward allowing people to spend their money the
way they want, as much as is reasonable. IMO, minimum increments are
reasonable. Restricting bids to exact multiples of minimum increments is
not.
> It's important not to be able to see the other person's maximum even by
> outbidding them because they might have applied that maximum on several
> similar lots, and bidders could use this knowledge in a mischievous way.
That's very true.
Steve
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Message is in Reply To:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Someone bids $100 with a proxy max of $500. Now it's climbed to $150 and the bidding is still hot, and the high bidder realizes he doesn't have $500 after all (maybe it was a typo, or maybe he was counting on some money to come in which didn't (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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