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(...) If the intent was for everyone to submit bids at the last possible minute, with no opportunity to react to others bids, then they could have chosen a completely standard auction format, the sealed bid auction. In a sealed bid auction, you may (...) (22 years ago, 20-Nov-02, to lugnet.market.theory)
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| | Re: Ebay sniper? you make the call
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The problem with ebay is that it is trying to simulate a live auction (as opposed to a sealed bid auction) on a worldwide basis. Now a normal auction is held in one place and all the bidders (or their agents) are present throughout the auction. (...) (22 years ago, 24-Nov-02, to lugnet.market.theory)
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| | Re: Ebay sniper? you make the call
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(...) Kerry, That's a really well written analysis. Some problems with open ended bidding: - a day may not be enough - too long an extension results in auctions which do drag out (Serious Collector had this problem as I have mentioned before) I (...) (22 years ago, 25-Nov-02, to lugnet.market.theory)
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