Subject:
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Re: The four types of markets (was Re: Reverse (buyer's) auction for train windows and other parts
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 25 Aug 1999 05:24:37 GMT
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Viewed:
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327 times
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In lugnet.market.theory, Robert Farver writes:
> On Wed, 4 Aug 1999 20:21:28 GMT, "Paul Sinasohn" <bearitone@my-deja.com> • wrote:
> > As eBay uses Dutch auction, the price still increases; your bid for X dollars
> > covers fewer and fewer units as the per-unit bids increase. [...]
>
> Not quite, in eBays dutch auction, you specify a quantity and bid. [...]
> [description of complex algorithm for setting the final selling price]
> This makes dutch auctions somewhat risky to the seller. The seller may have
> items left over. [...]
I would call both of these "standard" auctions simply because it's the buyers
who outbid each other. This is true even for auctions where all the buyers bid
at the same time (which I call "closed silent" auctions) because the bids come
from buyers and higher ones win. There are a few other types of auctions I have
heard of that are called "dutch" and "yankee" and of course there are various
other types of "silent" and "closed" auctions, all sharing the property that
buyers make the bids and higer bids are more likely to win.
The issue of who makes bids (buyer, seller, both, or neither) is by far the
most important issue that determines what type of market you're looking at and
what types of commerce it serves.
- Robert Munafo http://www.mrob.com/
LEGO: TC+++(8480) SW++ #+ S-- LS++ Hsp M+ A@ LM++ YB64m IC13
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