I don't understand the concept of the "never ending auction". Can someone explain the rat
Longacre
Posts: 16,717 ✭✭✭
I was reading the latest issue of the Esylum, and there was a note about an upcoming book auction. The auction is scheduled to end on October 28th at 8 PM. The organizer wrote the following regarding the closing time of the auction:
"I have been asked about the deadline for the sale, which is given in the catalogue as 8 p.m., eastern time, on October 28. As my phone will probably be very busy around the closing of the sale, Ive decided to adopt the practice of accepting bids until ten minutes have elapsed without a phone call. This should allow us to accommodate callers trying to get through toward the end of the sale."
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Does anyone have any comments about this procedure, which is essentially a never-ending auction? At what point is an end made to the bidding and the bidders are given certainty? This method of continuing to accept bids for hours upon hours upon hours after 8 PM does not seem to make sense to me. What is to stop a bidder from putting in a low bid, and then continuing to call to check on the status, and then upping his bid by an increment each time? Should there be an end time to this process, and should the procedure be a little more orderly? What do you think?
"I have been asked about the deadline for the sale, which is given in the catalogue as 8 p.m., eastern time, on October 28. As my phone will probably be very busy around the closing of the sale, Ive decided to adopt the practice of accepting bids until ten minutes have elapsed without a phone call. This should allow us to accommodate callers trying to get through toward the end of the sale."
**********
Does anyone have any comments about this procedure, which is essentially a never-ending auction? At what point is an end made to the bidding and the bidders are given certainty? This method of continuing to accept bids for hours upon hours upon hours after 8 PM does not seem to make sense to me. What is to stop a bidder from putting in a low bid, and then continuing to call to check on the status, and then upping his bid by an increment each time? Should there be an end time to this process, and should the procedure be a little more orderly? What do you think?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
<< <i>Does anyone have any comments about this procedure, which is essentially a never-ending auction? >>
But it does have an end.
<< <i> At what point is an end made to the bidding and the bidders are given certainty? >>
At this point- "Ive decided to adopt the practice of accepting bids until ten minutes have elapsed without a phone call." It's not a point that's possible for bidders to determine, but still...
<< <i>This method of continuing to accept bids for hours upon hours upon hours after 8 PM does not seem to make sense to me. What is to stop a bidder from putting in a low bid, and then continuing to call to check on the status, and then upping his bid by an increment each time? >>
Apparently, nothing.
<< <i>Should there be an end time to this process... >>
I'd think that would for the seller to determine. Any potential bidder who is not satisfied with his choice is certainly free not to bid.
<< <i>...and should the procedure be a little more orderly? >>
Seems pretty straightforward to me.