Subject:
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Re: which threads, ethics (was: Re: Mini Auction - 6273 - Rock Island Refuge)
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Tue, 9 Mar 1999 17:56:44 GMT
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Reply-To:
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C576653@CCLABS.MISSOURI.EDUspamcake
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Viewed:
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1123 times
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Steve Scott wrote:
>
> I take your point that "reverse" auctions are an established and sensible
> trading technique, I doubt anyone would take exception there. The point I
> was trying to make was that a standard auction if "parasited" (forgive the
> terminology) could then *turn into* a reverse auction and for that matter
> turn the other way again.
First, why would that be a problem? Second, I doubt it. Third, if the
market is such that this _could_ happen, I might say that it _should_ happen.
> If standard auctions were restricted (by ruling or agreed etiquette) to a
> single seller, then the problem could not arise. This is what I'm hoping
> will evolve from discussions. Conversely, in the case of a reverse
> auction - let's take Todd's orange buckets as an example:
Yes, let's.
> Todd is close to reaching the lowest likely seller price when I "parasite"
> him and post on "his" thread that I will buy the buckets at a higher price.
Excellent! So the sellers (remember, Larry said this was a situation in
which the items being sold were in plenty) sell to both you and to Todd.
More satisfaction of preferences.
> The reverse auction is hijacked, it turns into a standard auction with Todd
> and I bidding against each other with the likely exclusion of all but one of
How could that happen given the plenty of the orange buckets?
> the sellers. It is also feasible that the sellers would try to outbid each
> other for the attention of the two (or who knows even more) buyers. End
> result - chaos!
No, not chaos. IF that happened, the only possible explanation is that
the supply did NOT exceed the demand which means that the market (as it
typically does when left alone) fixed itself and the orange buckets
would change hands at the 'right' price. Why would Todd have a right to
cheap orange buckets just because he started a thread? That's inane.
> > Please stop railing against the market, if you would.
>
> Clearly, you took the opposite meaning to that which my post was intended to
> convey. I trust that the illustration above clarifies.
Nope.
--
Sincerely,
Christopher L. Weeks
central Missouri, USA
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