2 ms·
There is an algorithm. The initial bidding sets the starting price. Then the price drops over time until it sells out. you could bid $1M to set the price that h
by brianbreslin 11y ago
There is an algorithm. The initial bidding sets the starting price. Then the price drops over time until it sells out. you could bid $1M to set the price that high, but then you have to float $1M on your credit card and hope the price drops to $200 so you get $999,800 back in a refund.
- esturk 11y agoMay I ask if the algorithm takes into account the expected amount of revenue to be generated by the event? If someone really did bid a million, which goes toward covering some parts of needed budget, there would be less incentive to decrease the price as quickly.
- brianbreslin 11y agohaha. we asked if they just stop bidding and sell all the arena to the one ticket holder. apparently that hasn't been the case yet.
- shalmanese 11y agoI believe the parent's objection was that different seats in a stadium have different value and this is not accounted for in the auction mechanism. I don't know how the university accounts for this but it does add a wrinkle to the auction system.
- brianbreslin 11y agothey split it by sections, not one universal fee. So you're bidding on "left upper section" and that encourages you to set your max fair price and get in early to pick the best seat in that area.