Subject:
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Re: Methodology: Reserve, Controlled Reserve, or No Reserve?
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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 20:54:42 GMT
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Viewed:
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1946 times
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Todd Lehman wrote:
>
> In lugnet.market.auction, dbulkley@SeriousCollector.com (Derick Bulkley)
> writes:
> > Question to all armchair economists/sociologists/game-theorists:
> > (especially you, Todd ;-)
> >
> > From both the stand point of the buyer, and then the seller, what are
> > your opinions of the following policies regarding secret reserve prices
> > in auctions:
> >
> > 1) Reserve ok, whatever the seller chooses, goes.
> >
> > 2) Controlled reserve - the reserve price cannot exceed the opening bid
> > by either $50 or 50%, whichever is greater.
> >
> > 3) Controlled Reserve: reserves are ok, but seller must state a "Value
> > Range" that brackets the reserve. Sellers that state absurdly wide
> > ranges would be advised to do otherwise.
> >
> > 4) No reserves whatsoever. If you insist on getting at least price X,
> > then they must choose X as the minimum opening bid.
>
> 4.
>
> --Todd
I agree.
I personally don't bid on reserve price auctions until the reserve has
been met because it is a waste of my time (especially if you cannot make
firm bids :-))
--
Owen
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