Subject:
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Re: Let's define what an auction announcement/update is
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 16 Feb 2000 18:13:53 GMT
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Reply-To:
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[rsanders@svic.net]StopSpam[]
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Viewed:
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673 times
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One comment... In the classic sense, a 'sealed-bid auction' is exactly
that. The bids are all sealed until a specific time. Depending on the
auction and the rules, the bidders may or may not be present when the
bids are 'opened'. Auctions which we are referring to as 'sealed-bid'
are in fact 'best offer'. The key difference being that the seller has
knowledge of the bids before the close of bidding. In a real
'sealed-bid' auction, the seller has no knowledge (and can not act on)
the current outstanding bids.
Perhaps the lugnet auction mechanism should support a sealed bid format.
Ray
Scott A wrote:
>
> > - Sealed-bid auctions are "technically" (by name) auctions but in • fundamental
> > principle are no different from "or-best-offer" straight sales. OBO's • are
> > OK in .buy-sell-trade because OBO is a completely natural way to conduct
> > this type of barter, but to avoid flamage, announcements of this type
> > probably shouldn't use the word auction.
>
> Sealed bid auctions : I may be the only person that does this : if you mail
> the seller and ask what the best bid is to date (I did it once) they tell
> you. So, in reality, these can become just plain old auctions. But either
> way, as long as they have a designated home it does not really matter.
>
> >
--
mailto:rsanders@svic.net
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