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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Mon, 15 Mar 1999 21:22:05 GMT
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Viewed:
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2661 times
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Todd Lehman wrote in message ...
> In lugnet.off-topic.debate, sls@jane-villa.demon.co.uk (Steve Scott)
> writes:
> > [...]
> > 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.
>
> Steve, could you go into a bit more detail here? I don't understand what
> you mean by restricting auctions to a single seller. Do you mean
> restricting auction threads to a single poster (the seller)?
That was the idea, yes. Problem is, in the interim period since my original
post I'm not so convinced that it was a good idea. It now sees to me that
this type of system would prove restrictive to the development of a stock
market type system - a far more exciting prospect IMO.
> > Conversely, in the case of a reverse
> > auction - let's take Todd's orange buckets as an example:
> >
> > 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.
> > 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
> > 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!
>
> Chaos maybe in terms of sifting through the sea of data and bids, but
> heck, this sort of situation is really quite natural. On the one side you
> have multiple buyers competing against each other over a finite supply,
> and other the other side you have multiple sellers competing against each
> other over a finite demand. The more buyers you have, the higher the
> price climbs. The more sellers you have, the lower the price descends.
> Someday here we'll have buy and sell orders just like the stock market.
> It'll be so chaotic that it won't even seem chaotic anymore.
There speaks the voice of a man with an *automated* auction system :)
I stand by my earlier prediction of uncontrollable chaos for the rest of us!
> --Todd
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