Ok, first, I wasn't just addressing you; sorry if I gave that impression. I was
just trying to put the thread to bed and address how the proxy works for those
who don't know. It really is the relaxed-persons way to auction.
Ohm347@aol.com wrote: "when two or
more people use proxy bidding the price immediately will raise to just above"
the limit of the second highest bidder."
But this makes complete sense because the highest and second highest are the
ones who the auction is between in reality at any given moment and if they both
typed in what they honestly think its worth then things will shake out just as a
normal auction would. Just automagically.
Think about it: If the guy who bid $40 had thought it worth more than $40 then
why did he set his limit at $40?
If he thinks its worth $90, but was trying to get it for $40 by typing in $40,
then he is missing the entire point of a proxy setup and he will be surprised by
very quick price jumps, and he will end up wishing he'd bid $90 as the person
who bid $80 is walking away with it because the auction quickly ended and
everyone but Mr. 40 is getting on with their lives. All assuming it was really
worth $90 to Mr. 40. If was really worth just $40 then he should entertain
himself wondering why Mr. 60 and 80 are willing to pay so much for an obviously
$40 dollar item, whatever, move on. Beauty is in the eye of the beholder etc.
I don't see how the 'lack of delay' changes the basic nature of the situation.
If Mr. 60 is going to keep upping the ante until 60 then its going to end up
there anyway. Mr. 40 is already out and content if he was honest with his
limit.
Where proxy bidding fails is when a person decides to up their maximum because
of adrenaline or from re-evaluation of situation or is trying to psych the other
bidders. But this really shouldn't happen if you are bidding with your head and
not just your heart. Proxy bidding assumes you are honestly entering in what
its worth to you, not some number less than with plans to change it later. If
you put in a number under what you would actually pay, you are just taking more
of a risk that you won't get it even if you would have been the highest bidder.
Unless you aren't deciding your limit until the end of the auction, there is no
reason to wait until the end of the auction. With one exception: If you
absolutely have to have the item, but don't want to pay too much. In that case
do what Bernd says. Wait until a few minutes (seconds? :-) prior, check out
the price, set your limit at +15% or whatever and you will likely get it. But
outbidding the highest bidder at the tail when everyone is 'de-proxying' the
proxy usually means paying more than you really honestly think its worth because
it has degraded into a track meet where people jack it up just to 'win'.
Just put in what you think its worth and come back later. I have gotten many
cool things this way for very decent prices. And I have missed a lot also. But
I have never felt I paid too much, and often been pleasantly surprised at ending
up paying less than the item is worth to me. If some guy thinks its worth more
than me and 'wins' that is his perogative and the fact that this is good for the
seller, well so is any auction with people who pay more than perceived market
value. Doesn't have to be a proxy bid auction.
I was going to go back and hack this thing down to a few sentences before
sending, but I'm too lazy right now.
Obligatory Dak content:
I replaced my air hat with ABS tubing today, but am temporarily keeping the
stock air box. It made a very noticeable difference (a k&n drop in was in the
box already). I also added a A/C override switch to turn off the A/C no matter
what position the knob is in etc.
Have a great day Ohm347!.
Ohm347@aol.com wrote:
> 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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