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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Fri, 23 Apr 1999 03:34:42 GMT
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Viewed:
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954 times
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Tom Stangl wrote in message <371FAADA.E4CD7369@netscape.com>...
:Messages also help when a bidder is trying to bid on ALL lots of a
piece, you only
:want ONE, and after the bids get ridiculously high, you find out it's
because he
:needs "all the lots minus X pieces from the last lot", you only need
X or less, so
:you can civilly work it out so the bidding stops and you BOTH don't
spend unneeded
:money.
:
:I've done that a few times before.
:
:Of course, it all falls apart when some sniper comes in and bids on
them every time
:they hit G2 (so YES, you can snipe open-ended auctions, simply by
dragging them on
:needlessly long), pushing one or both people out of their price
range. This type
:of sniping, after you finally worked out a mutual solution, REALLY
sucks, because
:in one case, if we had worked out the solution earlier, the lots
would have gone
:sold before bidder #3 even entered the auction. I lost out, because
I DO have
:limits on the idiocy of prices for ANY Lego part out there.
:
But you have to look at this not only from the perspective of a buyer
but also of a seller.
Many auction systems prohibit buyer collusion (and reverse auctions -
contract bidding - require sealed bids to discourage supplier
collusion), because, as you just said, it can seriously limit the
final price. For sellers that person who bids when the item is G2 and
there has been buyer collusion is just putting some competition back
into the auction.
DJ Zorn
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Message is in Reply To:
 | | Re: Proxy ratcheting: How do auction systems work?
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| Messages also help when a bidder is trying to bid on ALL lots of a piece, you only want ONE, and after the bids get ridiculously high, you find out it's because he needs "all the lots minus X pieces from the last lot", you only need X or less, so (...) (25 years ago, 22-Apr-99, to lugnet.market.auction)
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