Subject:
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Re: why eBay proxy bidding is broken
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Newsgroups:
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lugnet.market.theory
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Date:
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Fri, 8 Oct 1999 15:54:44 GMT
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Viewed:
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408 times
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In lugnet.market.theory, Eric Kingsley writes:
> In lugnet.market.theory, Larry Pieniazek writes:
> > A recent auction result:
> >
> > ebart3 (0)
> > Last bid at: $50.01
> > Date of bid: 10/05/99, 17:52:29 PDT
> >
> > pmfoster (10)
> > Last bid at: $50.00
> > Date of bid: 09/30/99, 15:31:52 PDT
> >
> > At this price level the bump is a buck. There is NO WAY ebart3 should
> > have gotten this item for one cent more, he should have had to go to 51.
>
> Now I am no fan of Ebay but here is one possible scenario as to how this could
> have happened...
>
> 1. Opening bid on box of 20 widgets = $30
> 2. On 9/30 pmfoster bids $50 but because of proxy bidding price is set at
> $30.
> 3. On 10/5 ebart3 comes in and sees a $30 bid with a minimum bid of $31 and
> places a maximum bid of $50.01.
> 4. Proxy bidding occurs and because ebart3 has out bid pmfoster by $.01 their
> bid stands.
>
> In this scenario ebart3 is not bidding $50.01 on something that is allready at
> $50. They are bidding on something who's highest bid was $30 with a minimum
> bid of $31.
>
> I hope this makes sense. If it does not let me know where my logic is off.
That is how eBay does it, I believe. However, Larry (among others, myself
included) feels that you should be required to exceed the proxy by the minimum
bid, not just the current bid. I'll let Larry explain the reasoning behind
this, he's better at it than I am.(1)
1:Mostly because he's got lots of practise. Fools & hopeless causes...<grin>
<duck>
James
http://www.shades-of-night.com/lego/
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Message has 2 Replies:
 | | Re: why eBay proxy bidding is broken
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| (...) I was going to chime in with an explanation like Eric's but now I don't have to. I would be keen to hear an explanation of why one proxy should have to beat another by a full increment. Say I'm selling my car and the current bid is $5,000 and (...) (25 years ago, 8-Oct-99, to lugnet.market.theory)
| | | Re: why eBay proxy bidding is broken
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| (...) preface: eBay can do it whatever way they want. And the URL given later in the thread makes it clear they acknowledge the way they do it may result in a bump. Their place, their rules. My thesis is NOT that they "can't" run things that way, (...) (25 years ago, 8-Oct-99, to lugnet.market.theory)
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Message is in Reply To:
| | Re: why eBay proxy bidding is broken
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| (...) Now I am no fan of Ebay but here is one possible scenario as to how this could have happened... 1. Opening bid on box of 20 widgets = $30 2. On 9/30 pmfoster bids $50 but because of proxy bidding price is set at $30. 3. On 10/5 ebart3 comes in (...) (25 years ago, 8-Oct-99, to lugnet.market.theory)
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