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 17:30:00 GMT
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Viewed:
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371 times
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Chris Busse wrote in message ...
> 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.
So far so good, I would agree with everything that you've said so far.
> 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?
No, this is the right and only way to do things. Rae's bid stands as she
bid first, and she will have to deduce that whoever has bid against her
(she need not know who) has also bid $3.00, but she got there first.
You need not ever tell Rae who is bidding against her. Just say
"Your bid has been increased to X.YY to retain control of this lot."
In fact, I would *recommend* you don't ever tell Rae who is bidding
against her.
The e-mails would read
To Rae: "Your bid has been increased to 3.00 to retain control of the lot."
To Chris: "Your bid of 3.00 was not enough to get control of this lot.
Price is now at 3.00"
Of course, both parties now have the opportunity to increase their bids.
> Thanks!
You're welcome!
David Leese
mrleese@genius1.freeserve.co.uk
http://www.genius1.freeserve.co.uk/
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