On Sun, 27 Apr 2003, steve wrote:
> They certainly do, put 10 similar valuable items up
> for auction in a traditional sealed bid auction, one
> week apart, as each bidder loses each week, his/her
> sealed bid will increase each week so by the 6 or 7
> auction a frenzie will occur, everyone fearing that
> he/she will never be the winning bidder . Exactly like
> you see in ebay.
That's not a frenzy. That's a (somewhat contrived) case of the market
value going up because presumably the auctioneer has the only supply of
some one thing that a group of people want.
> Ebay always hides the the current highest bid, the
> auction ends at a fixed time, on many auction many
> bids are placed within 5 seconds of the end of auction
> basically removing any opportunity for the previous
> bidders to place a counter bid, sounds like a sealed
> bid auction to me....
The biggest and most important difference is the most obvious one.
In a normal sealed bid auction, everyone submits their bid by a certain
deadline. Nobody knows what anyone else has bid. At the end of the
auction, the envelopes with the bids are opened, and the highest bid
submitted is the winner.
In a standard eBay auction, everyone always sees who the top bidder is
and what the current high bid is. If there's enough time, the high
bidder's highest amount entered can be probed by entering successively
higher bids.
There is not much room for comparison between the two.
--
Sellam Ismail Vintage Computer Festival
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Received on Mon Apr 28 2003 - 10:20:01 BST