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 19:32:55 GMT
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Viewed:
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425 times
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James Brown wrote:
>
> 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)
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 the bid step is
$500 (example step, not the ones eBay uses). If two bidders place proxy
bids of $6,000 and $6,300 which one should get it?
My opinion is that the one willing to pay more should, but it sounds
like you and Larry think that the one who placed the bid first
(regardless of being lower) should. Do you think that because of some
innate fairness issue or because of the verbiage used by eBay in
discussing how it works?
--Chris
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Message has 3 Replies:
 | | Re: why eBay proxy bidding is broken
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| (...) A couple points: 1. We aren't saying that the 2nd buyer shouldn't get the item, we are saying that the 2nd buyer should be willing to beat the current maximum bid by the minimum bid increment. 2. Had the 2nd buyer placed a proxy of $51 or (...) (25 years ago, 8-Oct-99, to lugnet.market.theory)
| | | Re: why eBay proxy bidding is broken
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| (...) minimum (...) Well, it's sort of an innate fairness, I suppose, but also partly a difference of opinion about what a proxy bid is. I'll attempt an explanation. 1: eBay as written, allows the system to be cheated. Let's assume, for the sake of (...) (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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| (...) 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 (...) (25 years ago, 8-Oct-99, to lugnet.market.theory)
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