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In this case, more-informed buyers may delay bidding until the last minutes of the auction to avoid creating competition for their bids, leading to a lower winning bid. An analysis of actual winning bids on eBay suggests that winning bidders are more likely to have placed a single bid late in the auction, rather than to have placed multiple ...
Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed ; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed.
In the case of the second-price ruling as in a Vickrey auction, the final price for the winner is based on the second bidder's price. A Proxy bid is a special case of second-price ruling used by eBay, where a predefined increment is added to the second highest bid in response to a yet higher bid.
Bridgeville, California (population 25) was the first town to be sold on eBay in 2002, and has been up for sale three times since. [1] In January 2003, Thatch Cay, the last privately held and undeveloped U.S. Virgin Island, was listed for auction by Idealight International. The minimum bid was US$3 million and the sale closed January 16, 2003. [2]
The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.
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In France, when the last bid has been made in an auction for an art object, a representative of the state can say "Préemption de l'état" ("Pre-emption of the state") and buy the object for the highest bid. [4] Some housing cooperatives similarly allow members of the cooperative to pre-empt any buyer of a house constructed by the cooperative. [5]
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related to: last second bidding on ebayhibid.com has been visited by 100K+ users in the past month