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 02:04:50 GMT
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Viewed:
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423 times
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Mike Stanley wrote in message ...
> Chris Busse <cbusse@infi.net> wrote:
> > QUESTIONABLE SCENARIO: 3. Chris still wants that brick, so he enters a • bid
> > of $3.00. The system shows him: "Your proxy bid of $3.00 did not beat • rae's
> > earlier proxy. Current bid is $3.00 for rae". Chris' bid was equal to • Rae's
> > earlier proxy, but since her bid was earlier she is put in at $3.00. • Chris
> > now sees that her bid was not incremented higher than his so he knows that • her
> > max is $3.00. Is it wrong for him to know this? Is this the right way to • do
> > things?
>
> I think I see what you're getting at but I don't see any other way
> to do it. You can't make the current bid $3.10 or $2.90, so it has
> to be $3.00. Yeah, that pretty much says, "hey! you hit it right on
> the dot!" but I guess you have to accept that.
>
> Now I can see this being slightly annoying for previous high bidders
> if people come along and nickle-and-dime their bids up, just to find
> the proxy, but it happens. At least in a decently operating auction
> the former high bidder gets a chance to come back and re-bid, so I
> don't see the worry.
I don't see any problem with revealing proxies when the are met. The only
purpose of hiding the proxy is to not reveal information about bids prior to
their being placed. The purpose of proxy bids is to make the auction more
efficient, and the amount of the proxy bid needs to be protected to prevent
the other buyers from forcing you to pay your proxy bid. Someone who has
sold on eBay correct me if I'm wrong, but I think eBay doesn't even
communicate the proxy to the seller.
Frank
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Message is in Reply To:
 | | Re: Proxy bidding mechanics questions...
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| (...) I think I see what you're getting at but I don't see any other way to do it. You can't make the current bid $3.10 or $2.90, so it has to be $3.00. Yeah, that pretty much says, "hey! you hit it right on the dot!" but I guess you have to accept (...) (25 years ago, 3-Oct-99, to lugnet.market.theory)
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