Subject:
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Re: When is "Not an Auction" really an auction?
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Newsgroups:
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lugnet.market.theory
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Date:
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Thu, 2 Dec 1999 00:45:36 GMT
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Viewed:
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355 times
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In lugnet.market.theory, James Brown writes:
> > But they're actually not auctions in spirit.
>
> If you insist. :)
> But to me, an auction is anything where the final price is determined by 1
> seller and multiple (potential) buyers. So, yes, OBO's and SB auctions are
> the same thing. Auctions. <grin, duck>
So ticket scalping in the back parket lot is an auction? Selling a 20-gallon
aquarium at a garage sale is an auction? An stock market IPO is an auction?
Those are all things where the final price is determined by 1 seller and
multiple (potential) buyers.
More accurately, an auction is actually anything where the final price is
determined by multiple (potential) buyers -- the seller cannot play a role
in determining the price (except to set the initial minimum and raise
requirements). But that's not fully accurate either -- it still falsely
includes IPOs as auctions.
An auction is actually anything where the final price is determined by
multiple (potential) buyers where the buyers have the opportunity to compete
with one another to ensure that they each have a fair chance (within the rule
set) to win the item for sale.
That's what an auction is.
> The difference to me is as much one of attitude as of definitions. An
> auction is won by whoever is willing to pay the most,
No, that's not true. Many auctions are won by someone who was lucky rather
than the person who was actually willing to pay the most. But of course
the understood notion in "whoever is willing to pay the most" is the notion
of competing and counter-bidding, which is not possible in a so-called
"sealed-bid auction."
> a sale is 'won' by whoever gets it first. (yes, I know I'm generalizing)
Yeah, that's a straight sale: first-come, first-serve -- as in shoppping at
the store. The general idea there is unlimited quantity.
> However, the actual volume of psuedo-auctions in BST is pretty minimal, so
> we are quibbling over nits, mostly.
It'll all be moot later anyway too.
--Todd
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Message is in Reply To:
 | | Re: When is "Not an Auction" really an auction?
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| (...) If you insist. :) But to me, an auction is anything where the final price is determined by 1 seller and multiple (potential) buyers. So, yes, OBO's and SB auctions are the same thing. Auctions. <grin, duck> The difference to me is as much one (...) (25 years ago, 2-Dec-99, to lugnet.market.theory)
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