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 12:26:34 GMT
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Viewed:
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271 times
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> CORRECT: 1. The brick opens at a base of $1.00. Rae places a proxy bid • of
> $3.00 on the brick. The system shows her the message: "Proxy bid of $3.00 • was
> recorded. Current bid is $1.10"
I hope Rae isn't the first bidder here. If she is then the current bid
should be $1.00.
> CORRECT: 2. Chris sees Rae's bid of $1.10, and bids $2.00. The system • shows
> him: "Your proxy bid of $2.00 did not beat rae's earlier proxy. Current • bid
> is $2.10 for rae". Chris did not beat Rae's bid, and her bid was bumped • up by
> the standard $0.10 increment to be greater than Chris' bid.
IMHO the system message to Chris should't mention names. Also, I think that
in the case of a proxy bid Rae should only have to equal Chris' bid, as her
bid (as long as she proxied more than Chris) was placed before his.
> 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?
Again, I don't think names should be mentioned in the message to Chris.
Aside from that, I'd have to agree with the rest of the scenario. As an
aside, if you were to implement my suggestion regarding scenario 2 Chris
wouldn't know that Rae's max was $3.00 until he places another bid and is
unchallenged by her.
Will
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Message has 1 Reply:
 | | Re: Proxy bidding mechanics questions...
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| First off -- thanks to everyone for their help on this!... (...) Jon Hayward noticed this too. Example 1 is how my auction has always worked in the past -- that you have to bid one increment above the opening price. The opening price + 1 increment (...) (25 years ago, 4-Oct-99, to lugnet.market.theory)
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