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In lugnet.market.auction, Frank Filz writes:
> > I think people should have to pay a 10% penalty (10% of their bid) in order
> > to retract a bid. And on small amounts, the higher of 10% or $10.
>
> What about missing decimal point bids? I did that once by accident. How
> do you assess the 10% penalty (against the actual bid or the proxy - if
> by the proxy, retractinc a misplaced decimal bid would cost you 10 times
> the max you expected to pay - ooops, person X just got forced into
> bankruptcy...).
Against the actual bid, not the proxy bid. Nobody sees your proxy bid anyway
except you the bidder.
> One way to fix missing decimal point bids is to allow reduction of one's
> maximum bid to anything equal to or above the current bid one has the
> auction held at.
Oya! any auction system should *always* allow that! (If not through automated
means, at least the auctioneer should be able to handle it.) No auction (IMHO)
should ever hold anyone to their proxy bid if the current high is lower. Man,
that would stink bad.
> Also, bids which have been outbid should not be able to be retracted at
> all unless all succeeding bids have also been retracted or canceled.
I think when a bid gets bumped, the "bumpee" bidder should have the option to
(a) have their bid reinstated as the high bid if the "bumper" bidder retracts
their bid or (b) have their bid tossed (the usual). This should (IMHO) be an
option or preference selectable at bid-time (i.e., when placing the bid) or
with a third option at bid-time saying essentially "ask me later, if and when
I'm bumped."
This could also help lower the penalties incurred on people retracting bids.
That is, maybe the penalty for retracting a bid should be equal to the
difference of the current high bid and the next lower bid to be reinstated,
if one is available, with a minimum penalty of some amount (maybe $1) and a
maximum penalty of some percentage (maybe 10%) of the magnitude of the high
bid being retracted.
--Todd
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Message has 3 Replies:
 | | Re: Bid retractions (was Re: eBay dead again)
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| (...) Probably should also allow retraction of the actual bid at no penalty if done within, say, 5 minutes or something like that, and if no one else has yet counter-bid with information based on your mis-bid. Probably should also make you go (...) (25 years ago, 23-Mar-00, to lugnet.market.theory)
| | | Re: Bid retractions (was Re: eBay dead again)
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| (...) I recently participated in an auction on eBay where I was outbid by someone who later retracted his bid. I had already outbid him though, so my bid was reset to what it was before I got bumped. I found it odd that my proxy bid was IIRC still (...) (25 years ago, 23-Mar-00, to lugnet.market.theory)
| | | Re: Bid retractions (was Re: eBay dead again)
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| (...) I fugured this was the way it would work, just wanted to make sure (and graphically point out why it needs to be against the actual bid, not the proxy). (...) Does AucZilla have an automated way (or is that a future enhancement)? As far as I (...) (25 years ago, 23-Mar-00, to lugnet.market.theory)
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Message is in Reply To:
| | Re: Bid retractions (was Re: eBay dead again)
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| (...) What about missing decimal point bids? I did that once by accident. How do you assess the 10% penalty (against the actual bid or the proxy - if by the proxy, retractinc a misplaced decimal bid would cost you 10 times the max you expected to (...) (25 years ago, 23-Mar-00, to lugnet.market.auction)
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