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If the phantom bid is the winner, the lot is hidden and comes back around for a second auction, or the second-highest legitimate bidder is informed that the first bidder was unable to make payment. In online auctions, the latter ruse is pulled via a (secretly illegitimate) "second-chance offer."
Larry and Pearl Winters designed High-Bid and it was published by 3M in 1963. It sold well, and 3M came out with new editions in 1964, 1965, 1967, 1968, 1970 and 1975. [3] Avalon Hill then acquired the license for the game, and produced a new edition titled The Collector in 1977, and an edition with the title Auction in 1989. [3]
At first glance, jump bidding seems irrational. Apparently, in an English auction, it is a dominant strategy for each buyer whose price is above the displayed price, to always bid the minimal allowed increment (e.g. one cent) above the displayed price. By bidding higher, the bidder gives up the opportunity to win the item at a lower price.
Auction House Date Location Z-Rex Tyrannosaurus: Found in South Dakota, US in 1992 eBay: December 1999: N/A Disrupted by prank bidders [87] [88] Millionaire.com January 2000: Conchoraptor: Found in China Guernsey's: June 2004: New York City Failed to receive a single bid. [89] [90] Stygimoloch: Largely complete skull Near Gumbo Butte, Montana, US
This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if an item's current maximum high bid is 57 and someone is prepared to pay 100 and bids accordingly, the displayed bid will be 58, with the hidden maximum of 100.
Thus there is a certain margin of safety to ensure that there will indeed be a lively auction with many bids submitted. Several observations indicate that the lower the SOB, the higher the final winning bid. This is due to the increase in the number of bidders attracted by the low SOB. A chi-squared distribution shows many low bids but few high ...
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