Subject:
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Re: Interesting way of sabotaging an auction - if the seller is overseas
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 28 Jun 2000 07:11:40 GMT
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Viewed:
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601 times
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In lugnet.market.theory, Scott Arthur writes:
> I suppose I was annoyed as it happened so early into the auction - when s/he
> had so long to ask me about it. I have calmed down now though.
??
Isn't it *better* that it happened early on? The worst retraction is when a bid
so large that it scared everyone else off is retracted at the very last second,
allowing the second bidder to get it for much less
(scenario: opening bid 10. A bids 30, has it for 10. B bids 200. A rebids and
rebids but won't go past 150. So now the bid is at 150. No one else bids
because it's so high. B retracts at the last second, and the bid falls all the
way back down to 10 where A gets it.... exaggerated for effect of course)
THAT's the worst possible retraction.
An early retraction is almost no harm done, i say.
++Lar
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