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 19:41:21 GMT
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Viewed:
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1683 times
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Todd Lehman wrote:
>
> In lugnet.market.theory, Ben Roller writes:
> > In lugnet.market.auction, Todd Lehman writes:
> > > 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).
> >
> > 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 set to my higher bid. In other words, if the high bid was
> > $150 and I proxy bid $200, I got bumped by $250. I then proxy bid $300 and
> > when the $250 was retracted my bid was set to $151 with $300 as my proxy bid.
>
> That sounds fair to me! I wouldn't want to have proxy-bid $300 and then gone
> away on a trip and had my proxy bid lowered to $200 because someone reneged on
> their $250 bid, and then lose out if someone else bids $250 again. (Or would
> the $300 come back automatically in that case? (I wouldn't want it to come
> back automatically either, if it did drop back to $200 -- unless I'd told it
> to come back automatically...))
>
> > On eBay, if someone retracts a bid, is the next highest bidder bound to the
> > sale?
>
> I sure hope not! That would be a great formula for anguish.
It does seem that that is how eBay works.
For me I don't see it being much of a problem, only very rarely am I
bidding on duplicates of an item in an attempt to get one of them, and
when I do this, unless the items are close in time, I usually keep a low
bid on the 2nd one until the 1st closes. Also, for me, there are very
few sets I would be annoyed at getting an extra copy of (I did end up
with an extra 6277 or two this way, I forget the exact particulars,
though part of it had to do with buying one of them from a new seller
[with the result that I got that copy for less than MSRP]).
> > If so, I could see how someone would say "Oh well, missed out on that
> > one, I'll go bid over here" and get stuck with two of the same thing. That
> > seems unfair to all involved.
>
> I agree -- that would be a totally evil auction system. Only if someone
> _agrees_ ahead of time to be bound to their bid ought they to be bound to it.
> (Some sort of "right of first refusal" option would be nice too.)
Well, the way eBay works, as soon as you place a bid, you agree to a
binding sale if you are high bidder at the end of the auction, no matter
whay happens between. All you can hope for is that people don't get
pissed of at you when you retract your bid after a previous high bid
gets retracted (or canceled - one of my bids was re-instated once
because the high bidder got the boot and had all his bids canceled),
explaining that you were doing so because after being outbid, you had
committed the money to something else.
Hmm, I was just thinking about the licensing scare and everything, while
auctioneer licensing is not terribly Libertarian, I would like to see
the states have a looksee at eBay's practices. I bet some of the places
where their policies are very poor policies violate some state laws,
perhaps that would put the pressure on eBay to make their system overall
more friendly (both to sellers and to buyers, we have mostly complained
about eBay from a buyers standpoint, but it seems that the hoops their
making sellers jump through when a buyer reneges on the deal are
ridiculous [though some hoops do need to be there]).
--
Frank Filz
-----------------------------
Work: mailto:ffilz@us.ibm.com (business only please)
Home: mailto:ffilz@mindspring.com
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Message is in Reply To:
 | | Re: Bid retractions (was Re: eBay dead again)
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| (...) That sounds fair to me! I wouldn't want to have proxy-bid $300 and then gone away on a trip and had my proxy bid lowered to $200 because someone reneged on their $250 bid, and then lose out if someone else bids $250 again. (Or would the $300 (...) (24 years ago, 23-Mar-00, to lugnet.market.theory)
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