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Re: [OM] Vivitar Series 1 Solid Cat Lens

Subject: Re: [OM] Vivitar Series 1 Solid Cat Lens
From: Winsor Crosby <wincros@xxxxxxx>
Date: Wed, 27 May 1998 22:27:44 -0700
Huh? Sorry Garth. It looks like English, but...

>Actually, it's quite simple.
>
>Assume you wish to auction off item X on eBay, and that you wish to guarantee
>that you either (a) get a minimum amount of money for the item or (b) if you
>fail to get the minimum amount of money from various bids, you will not be
>required to sell the item at the last "inadequate" bid you received before the
>auction's over.
>
>Okay, so you place item "X" on auction, with a reserve bid of $200.00 for the
>item.  The key here is that the reserve price is known ONLY TO YOU (and the
>eBay bidding algorithms, of course).  Thus, you enter the item into auction
>with a starting bid of (say) $25.00.  You also specify that you'll accept bid
>increments equal to or greater than (say) $10.00 ONLY; incremental bids of
>less
>than ten dollars are not acceptable.
>
>First bidder comes along.  She/he notices (and knows) only three things about
>the auction:
>
>i) the bidding starts at $25.00 (and no-one's bid yet);
>ii) minimum bid increment from any previous bid is $10.00; and
>iii) there is a (to her/him) UNKNOWN reserve price.
>
>She/he bids the minimum, $25.00.

I am OK up to here. W.C.
>
>Along comes bidder number two.  He/she says "Ha!  I'm not gonna enter any
>wimpy
>little bid!  I'm bidding my entire savings account!"  #2 enters a bid of
>$175.00.  Result?  The bid only rises to $35.00 (remember the minimum
>increment
>was $10.00), and the second bidder is informed that (a) he/she is the high
>bidder for item "X", and (b) he/she still hsn't met the reserve price.

You lost me. You said minimum bid was $10, not maximum bid. $175 exceeds
the $10 minimum. So why does the bid only rise to $35? W.C.

>
>Now go back.  This time, let's say bidder number two actually entered a bid of
>$225.00 as the maximum he/she wishes to bid.  Result?  The bid rises to
>$200.00
>(the up-'til-now unknown reserve price), the second bidder is told that he/she
>has met the reserve and is presently the high bidder, and the bidding
>continues.

You lost me. On the initial bid you said it could only go up $10 no matter
what was bid, but now you say that it can go above the $10 limit, but only
if it goes over the reserve, but it cannot go to what was bid? Huh?
>
>Now along comes bidder number three.  Number three notes that the incremental
>bid is a minimum of $10.00, and, not wishing to outdistance him/herself, bids
>$210.00.  Result?  The bid amount rises to $220.00 (remember that bidder
>number
>two, in our alternate scenario, entered a bid ceiling of $225.00, counting on
>the bidding algorithms of eBay to automatically bid on his/her behalf up
>to the
>maximum bid of $225.00), bidder number three is told that she/he has been
>outbid by another bidder, and the bidding continues.

I kind of understand this, but why don't the bidding algorithms of EBay bid
up the first bidders bid to $170?
>
>And so it goes.  It's actually a fairly slick little system.  If you, as the
>seller, never receive a bid which meets your reserve, it's up to you whether
>you sell the item at the "inadequate" price or not.  If a bid does meet your
>reserve, the rules state that you *must* sell the item.
>
>Garth

Well, Garth. You have always been eminently clear on anything you have
written, so I have to continue to ascribe my confusion to brain damage
caused by that steel helmet I was forced to wear in the service. Is there
some logic to this system or is it that way because software limitations
prevent it? Whether I was a bidder or a seller, I would not have a clue as
to what was going on and probably would not participate as a result. Thanks
for your effort though.

Winsor

Winsor Crosby
Long Beach, California
mailto:wincros@xxxxxxxxxxx





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