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 18:34:55 GMT
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Viewed:
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1879 times
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In situations where a challenger's bid does not beat the current proxy, set
the new bid to the challenger's max. That reveals the least amount of
information. And is easily, fairly described: "if a challenger's bid fails
to overcome the current proxy-max bid, the new high bid will be set to the
challenger's proxy-max".
Steve
On Sun, 3 Oct 1999 21:24:49 GMT, "Chris Busse" <cbusse@infi.net> wrote:
> I'm currently adding proxy bidding to my bussetech.com auction system and I
> have some questions for the group regarding proxy bidding mechanics.
>
> When someone has a higher proxy than your bid, should their bid be increased
> one increment above your's when you bid unless your's equals their proxy at
> which time their proxy is becomes known to you since you see it wasn't
> incremented but instead equaled? Or should their current displayed bid be set
> to equal your bid whenever your bid is less than their proxy?
>
> Let's say we are going with the first method and the item in question is a 2x4
> Red Brick:
>
> 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"
>
> 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.
>
> 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?
>
> Thanks!
>
> Chris Busse
> cbusse@infi.net
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