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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Tue, 27 Apr 1999 06:55:26 GMT
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Viewed:
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809 times
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Mookie wrote in message <3725365E.E07AA303@execpc.com>...
<snip>
> Dons flame retardant suit, though doesn't matter, no one listens to me
> anyway :)
> Tamy
> Larry Pieniazek wrote:
> > Here's a real example of why you should have to beat the top of a proxy
> > by the min increment.
> > On serious collector, check out lot A 1382:
> > http://www.seriouscollector.com/auction/lot.cfm?lotID=A1382
> > A1382 Lego Dacta Bonanza: Controller, P/S, ISA Card, Lab Kits (2)
> > maico $55.50 $55.00 $55.00
> > I bid this with a solid proxy bid of 55.00. Seems to me that if Maico
> > can beat my bid by 50 cents, I shouldn't have to beat his by 3.00 (after
> > applying rounding rules against a bump of 5%).
> > Nothing against Maico, he's bidding under the rules, but I'm still not
> > happy.
> > Larry Pieniazek http://my.voyager.net/lar
Larry, I think you already pointed this out - I had mentioned to Todd (in
this group), that people should only be able to bid by the increments, as a
way to eliminate this. I did see this implemented on an obscure auction,
where instead of typing the bid, there was a drop down menu with the
permissible bids up to a certain amount (it allowed for a buyout price,
too). With that drop down menu, although I just thought it was another
silly variation, it actually eliminated the chance of being outbid by a
penny or anything less than the increment. Also, it decreases the
possibility of using a shill to bump up the price because in the event of a
tie, the first bidder gets the item at the exact price both bid, thus the
shill could easily go too high. Since it is NOT fair (people complain when
things aren't fair, so I have seen) for one guy to take the bid by a penny,
when the previous bidder has to bid the full increment to get it back, I do
like this one feature of that particular auction (although I never found
Lego on it).
--
Have fun!
John ( jdiri14897@email.msn.com ) remove NOSPAM:
John's Lego Web Trade Page:
http://www114.pair.com/ig88/lego/index.htm
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SW,TR,old(456)+++ TO++ PI,SP+ DU--
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