4 ms·
"Some believe that secret bidding forces each potential buyer to offer as much as they can." ... Isn't that the whole point of an auction. Offer as much money
by _aavaa_ 5y ago
"Some believe that secret bidding forces each potential buyer to offer as much as they can."
... Isn't that the whole point of an auction. Offer as much money as you can to get an thing that's worth that amount of money?
- dragonwriter 5y agoA standard auction finds (approximately) the minimum price that no one else is willing to beat, a secret bid auction finds the highest price anyone is willing to pay. The latter is better for sellers, the former is better for buyers.
- Ensorceled 5y agoSecret bidding is designed to get the buyers bidding not just against other actual buyers and what you think they might have bid, but also against imaginary buyers that might also be out there. In a hot market this is playing on the FOMO for people looking for a place to live. Such shenanigans should never be allowed in basic necessities: shelter, food, water, medical care.