Subject:
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Re: Bid retractions (was Re: eBay dead again)
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Newsgroups:
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lugnet.market.theory
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Date:
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Thu, 23 Mar 2000 18:03:14 GMT
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Viewed:
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1768 times
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Todd Lehman wrote:
>
> 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.
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).
> > 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.
Does AucZilla have an automated way (or is that a future enhancement)?
As far as I know, the only way to do it in eBay is retract your bid and
re-bid. The one time I made such a mistake, I contacted the seller
BEFORE retracting my bid.
> > 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 all unless all succeeding bids have also been retracted or canceled.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."
Probably a good idea. I'd like to see this handled automatically for
non-paying bidder, in which case the seller goes in and cancels the
non-paying bidder's bid, which then starts the cascade with all the
lower bids (if the seller choses to let the item go to the next higher
bid). Doing this in some automated way would automatically adjust the
fees. Of course there has to be some way to approve the cancellation or
sellers would always cancel after the fact.
> 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.
That would be reasonable, I assume one would count the opening price
also.
--
Frank Filz
-----------------------------
Work: mailto:ffilz@us.ibm.com (business only please)
Home: mailto:ffilz@mindspring.com
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