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 04:31:27 GMT
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Viewed:
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798 times
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Todd Lehman wrote in message ...
:>Therein lies what I beleive to be the ugliness of timed
:> auctions - they discourage bidders from revealing information (how
they
:> value a given lot) until as late as possible.
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:Amen to that!
:
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:> Don't get me wrong - timed
:> auctions are a brilliant method of creating excitement about
otherwise
:> mundane merchandise - it's just that I abhor the idea that people
believe
:> it is the only way to run an auction on the internet.
:
:Amen to that!
But timed auctions exist in part because sellers want their money by a
given time and buyers want to get on with their lives. Since the game
has to have an end the sniping problem exists. Therefore, it makes
sense to have minimum increments in timed auctions and to make those
minimum increments controlling. That way the sniper has to win by a
credible amount.
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Message is in Reply To:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Hmm, how so? Can you give an example? (...) I think a byproduct of assigning labels to bid types is confusion about what's really going on. What's really going on in a "proxy bid" is this: You have a bid range -- an ordered pair (x,y), where x (...) (25 years ago, 21-Apr-99, to lugnet.market.auction)
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