[meteorite-list] Steve Arnold's Famous Reverse Auction

From: Darren Garrison <cynapse_at_meteoritecentral.com>
Date: Mon, 28 Apr 2008 22:44:21 -0400
Message-ID: <m62d145i1d9k62l43h1ukjpskjjmvft44a_at_4ax.com>

On Mon, 28 Apr 2008 19:23:15 -0700 (PDT), you wrote:

>Of course that isnt how it works, so tell me how the
>lowest bidder get the piece? Just a scam, a gimmick,
>an auction that doesnt make sense.

I don't think what Steve is offering fits the definition of a reverse auction:

http://en.wikipedia.org/wiki/Reverse_auction

I think what he means is still an auction where the highest bidder wins, except
that he doesn't know the inital asking price or what the other bidders offer.
And (maybe?) the top bidder pays his bid, and not the smallest increment above
the next highest bidder?

Personally, that wouldn't work for me-- I'm too much of a bargain hunter. I
want to hear a price for something (or at least see what other people are
offering) and not just hear "how much will you give me?".

I was thinking "silent auction" is what Steve is wanting, but that term doesn't
seem to fit, either. If it was as I was describing, it looks like it would be
a:

"Sealed-bid first-price auction: Also known as Sealed High-Bid Auction or
First-Price Sealed-Bid Auction (FPSB). In this type of auction all bidders
simultaneously submit bids so that no bidder knows the bid of any other
participant. The highest bidder pays the price they submitted. "

but, looking at the defintions, he might mean a:

"Dutch auction: In the traditional Dutch auction the auctioneer begins with a
high asking price, which is lowered until some participant is willing to accept
the auctioneer's price, or a predetermined minimum price is reached. The winning
participant pays the last announced price."

from:

http://en.wikipedia.org/wiki/Auction
Received on Mon 28 Apr 2008 10:44:21 PM PDT