Subject:
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Re: Proxy bidding mechanics questions...
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Newsgroups:
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lugnet.market.theory
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Date:
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Mon, 4 Oct 1999 02:01:17 GMT
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Viewed:
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284 times
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Tom Stangl, VFAQman wrote in message <37F7CC74.A8398FA1@vfaq.com>...
> I don't see # 2 as correct. Rae had her bid in first, so if Chris bid
> $2.00, Rae should have the winning bid at $2.00, NOT $2.10, because she has
> the earlier bid. You shouldn't increment her's OVER his hard bid, just
> equal to it.
>
> So if you write your rules to correct your flaw with #2, then #3 won't be
> an issue.
I think every proxy system I have seen increments the previous proxy bid by
one increment above any new bid (of course the bid increment on eBay is
based on the previous posted bid, not the respective maximums). This is
right. If I have just bid $2, you need to outbid me, not just meet my bid.
We allow a special case for equal bids because it seems only fair that the
earlier bid should win (the only other fair way to do it would be for the
system to ping pong the bid back and forth, incrementing one bid increment
at a time, until only one proxy could make the bid, but that's going to piss
off the person with the earlier bid. Recall that the purpose of proxy
bidding is to speed up the system (it also has the side benefit that you can
fire off a maximum bid, and then not watch the bidding and just take it or
leave it based on other bids).
Frank
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Message is in Reply To:
 | | Re: Proxy bidding mechanics questions...
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| I don't see # 2 as correct. Rae had her bid in first, so if Chris bid $2.00, Rae should have the winning bid at $2.00, NOT $2.10, because she has the earlier bid. You shouldn't increment her's OVER his hard bid, just equal to it. So if you write (...) (25 years ago, 3-Oct-99, to lugnet.market.theory)
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