From: Ronald W. Heiby (heiby_at_falkor.chi.il.us)
Date: Fri Mar 31 2000 - 15:44:14 EST
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Thursday, March 30, 2000, 2:07:45 PM, James wrote:
JHEM> Some further digressions on Egghead auctions. While
JHEM> watching the Thinkpad 600 that was going yesterday
JHEM> I noted something peculiar.
Let's say that there are four units available and four people using
bidwatch, and the minimum bid increment is $10. Let's say that all
four give a maximum bid to bidwatch of $1699. In the mean time,
there's someone else who had previously made a straight bid of $1399.
Immediately (almost), all four of the bidwatch people automatically
raise to $1409, because their maximum bid is higher than this joker
coming in with $1399. Then, later on, someone else bids $1509. For the
earlier four bidders to beat this new bid, they have to come up and
match that bid. They don't have to beat it, because they were earlier
bidders. The only way for them to buy the item is to bid at least the
new amount, because there is not unlimited supply. If one of the four
had a maximum bid of $1450, then that one would have dropped out of
the bidding and the newcomer with $1509 would still be in the running.
Does this make sense?
Ron.
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