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 12:08:00 GMT
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Reply-To:
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lpien@ctp.SAYNOTOSPAMiwantnospam.com
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Viewed:
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661 times
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Hmm, interesting theory. I bet it doesn't work that way, though. If the
gap between the current bid and the top of the proxy is large enough,
and a hard bid (or proxy bid with the right top value) is submitted, my
overbid can be pushed to an amount where it is far less than the bid
increment, thus putting me back in the same situation.
What I'm getting at is that the auction should not be driven by "luck".
A lucky guess on the part of a bidder, or a quirk in what numbers are
chosen, should not result in one bidder being able to top another bidder
by an amount that differs from the amount needed for the second bidder
to re-top the first. Certainly not by a ratio of 6 to 1!!!
Mookie wrote:
>
> Well in that case I guess you'd have to do some math and make your proxy
> the amount of percentage it should be in order for them to have to beat
> you by the percent rate.
> At least that's what I would do.
> I think the way it's done now is fair, you take your chances if you
> don't figure it by the percent increase.
>
> 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
> > FDIC Know your Customer is wounded, thanks to you, but not dead...
> > See http://www.defendyourprivacy.com for details
> > For me: No voyager e-mail please. All snail-mail to Ada, please.
> > - Posting Binaries to RTL causes flamage... Don't do it, please.
> > - Stick to the facts when posting about others, please.
> > - This is a family newsgroup, thanks.
--
Larry Pieniazek http://my.voyager.net/lar
FDIC Know your Customer is wounded, thanks to you, but not dead...
See http://www.defendyourprivacy.com for details
For me: No voyager e-mail please. All snail-mail to Ada, please.
- Posting Binaries to RTL causes flamage... Don't do it, please.
- Stick to the facts when posting about others, please.
- This is a family newsgroup, thanks.
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Message has 1 Reply:
 | | Re: Proxy ratcheting: How do auction systems work?
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| (...) Yeah, that's crap. I think I understand how SC has tried to give somewhat equal treatment to firm and proxy bids, but, in my mind, no matter what kind of bid you make, you ought to have to beat the previous high bid by the minimum increment. (...) (25 years ago, 27-Apr-99, to lugnet.market.auction)
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