In a message dated 09/30/2000 7:20:23 AM Pacific Daylight Time,
mgalyean@acm.org writes:
<< Everyone in a proxy bid auction is using proxy bidding. Way more than
two usually.
Don't think it so complicated. This ain't nuclear science. Imagine this
scenario. You are at an auction with a friend and have to take a leak. You
want the current item and think its worth $20 to you so you tell your friend,
"hey bid for me, but don't go over $20". You come back later, feeling
better, and find out whether you got it or not. Your friend was your
proxy.Are you asking what happens if two people specify the same limit, in
this
case $20, and the bidding ends up exactly at $20? First come, first serve.
Whoever set their bid limit at $20 sooner gets the wonderful item that
everyone is dying to get.
>>
no i wasn't. i guess i should have been a little more specific. when two or
more people use proxy bidding the price immediately will raise to just above
the limit of the second highest bidder. example three people set up for
proxy bidding with three different limits $40 $60 and $80 with the current
bid at $20, ten seconds later the bid is at $61 dollars like bernd said
don't bid till right at the end because unlike your friend the computer that
runs the proxy bidding isn't going to wait a moment or two before raising the
price again. it will be instantaneous. proxy bidding works out really well
for the seller but not too good for the buyer.
derek
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