| |
I'm currently adding proxy bidding to my bussetech.com auction system and I
have some questions for the group regarding proxy bidding mechanics.
When someone has a higher proxy than your bid, should their bid be increased
one increment above your's when you bid unless your's equals their proxy at
which time their proxy is becomes known to you since you see it wasn't
incremented but instead equaled? Or should their current displayed bid be set
to equal your bid whenever your bid is less than their proxy?
Let's say we are going with the first method and the item in question is a 2x4
Red Brick:
CORRECT: 1. The brick opens at a base of $1.00. Rae places a proxy bid of
$3.00 on the brick. The system shows her the message: "Proxy bid of $3.00 was
recorded. Current bid is $1.10"
CORRECT: 2. Chris sees Rae's bid of $1.10, and bids $2.00. The system shows
him: "Your proxy bid of $2.00 did not beat rae's earlier proxy. Current bid
is $2.10 for rae". Chris did not beat Rae's bid, and her bid was bumped up by
the standard $0.10 increment to be greater than Chris' bid.
QUESTIONABLE SCENARIO: 3. Chris still wants that brick, so he enters a bid
of $3.00. The system shows him: "Your proxy bid of $3.00 did not beat rae's
earlier proxy. Current bid is $3.00 for rae". Chris' bid was equal to Rae's
earlier proxy, but since her bid was earlier she is put in at $3.00. Chris
now sees that her bid was not incremented higher than his so he knows that her
max is $3.00. Is it wrong for him to know this? Is this the right way to do
things?
Thanks!
Chris Busse
cbusse@infi.net
|
|
Message has 6 Replies:
 | | Re: Proxy bidding mechanics questions...
|
| I don't see # 2 as correct. Rae had her bid in first, so if Chris bid $2.00, Rae should have the winning bid at $2.00, NOT $2.10, because she has the earlier bid. You shouldn't increment her's OVER his hard bid, just equal to it. So if you write (...) (25 years ago, 3-Oct-99, to lugnet.market.theory)
| | | Re: Proxy bidding mechanics questions...
|
| (...) I think I see what you're getting at but I don't see any other way to do it. You can't make the current bid $3.10 or $2.90, so it has to be $3.00. Yeah, that pretty much says, "hey! you hit it right on the dot!" but I guess you have to accept (...) (25 years ago, 3-Oct-99, to lugnet.market.theory)
| | | Re: Proxy bidding mechanics questions...
|
| (...) of (...) was (...) I hope Rae isn't the first bidder here. If she is then the current bid should be $1.00. (...) shows (...) bid (...) up by (...) IMHO the system message to Chris should't mention names. Also, I think that in the case of a (...) (25 years ago, 4-Oct-99, to lugnet.market.theory)
| | | Re: Proxy bidding mechanics questions...
|
| Chris Busse wrote in message ... (...) increased (...) set (...) 2x4 (...) of (...) was (...) shows (...) bid (...) by (...) So far so good, I would agree with everything that you've said so far. (...) bid (...) rae's (...) Rae's (...) her (...) do (...) (25 years ago, 4-Oct-99, to lugnet.market.theory)
| | | Re: Proxy bidding mechanics questions...
|
| In situations where a challenger's bid does not beat the current proxy, set the new bid to the challenger's max. That reveals the least amount of information. And is easily, fairly described: "if a challenger's bid fails to overcome the current (...) (25 years ago, 4-Oct-99, to lugnet.market.theory)
| | | Re: Proxy bidding mechanics questions...
|
| I had the same problem the other day, so I took a look at Todd's rules... I'd suggest that your item 2 is INCORRECT _because of_ item 3 - Rae's bid is $1.10 (hidden proxy $3.00)... Chris bids $2.00... system wants to apply Chris's bid at $1.20, but (...) (25 years ago, 4-Oct-99, to lugnet.market.theory)
|
13 Messages in This Thread:
  
- Entire Thread on One Page:
- Nested:
All | Brief | Compact | Dots
Linear:
All | Brief | Compact
|
|
|
|
