3 ms·
Its a flaw in the auction design. A simple rule as the closing time will be extended by x minutes after the last bid would solve this.
by Pietertje 10y ago
Its a flaw in the auction design. A simple rule as the closing time will be extended by x minutes after the last bid would solve this.
- hrrsn 10y agoOur local auction site here in New Zealand, TradeMe, does that. Any bid in the last 2 minutes resets the clock to 2 minutes. Works pretty well for the seller, as prices tend to jump dramatically in these two minutes.
- dom0 10y agoThere is also at least one auction site with a similar business model that is practically a legal scam; bids cost money/points, and every bid increases the price by a fixed amount and extend the clock. Non-successful bids aren't paid back, of course.
- ticviking 10y agoThere are actually some good arguments for a cost to bid system. In theory it encourages people to bid their true preferences rather than waste time sniping.
- dom0 10y agoPersonally I find sniping quite enjoyable (as an idle-activity), but I also consider "recon" part of it (finding mislabelled or less widely known items that get the same job done usually results in huge effective discounts).