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 21:41:18 GMT
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Viewed:
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433 times
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I had the same problem the other day, so I took a look at Todd's rules...
I'd suggest that your item 2 is INCORRECT _because of_ item 3 -
Rae's bid is $1.10 (hidden proxy $3.00)... Chris bids $2.00... system wants
to apply Chris's bid at $1.20, but Rae has already bid that amount, so it
stays with Rae at $1.20, but "through the power of proxy bidding" for every
$0.10 increment, it stays in Rae's name until you get to $2.00 (_NOT_ $2.10)
Actually, your item 1 is wrong too (IMO) - if the open minimum is $1.00, I'd
expect the first bid to be accepted at $1.00, NOT $1.10...
...just my 2 cents... 8-)
Jon.
Chris Busse <cbusse@infi.net> wrote in message news:FJ1q5D.1J2@lugnet.com...
> 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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Message has 1 Reply:
 | | Re: Proxy bidding mechanics questions...
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| (...) This is what I see as a flaw in several of the auction scripts out there. If the opening bid is $1.00, then I bid on it, dammit I should be able to bid *$1.00*, not $1.10. It's annoying, I hope most of the people running the scripts fix it. (...) (25 years ago, 7-Oct-99, to lugnet.market.theory)
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