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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.
We need to show that buyer 1's best response is to use the same strategy. Note first that if buyer 2 uses the strategy B ( v ) = v / 2 {\displaystyle B(v)=v/2} , then buyer 2's maximum bid is B ( 1 ) = 1 / 2 {\displaystyle B(1)=1/2} and so buyer 1 wins with probability 1 with any bid of 1/2 or more.
The largest consumer-to-consumer online auction site is eBay, which researchers suggest is popular because it is a convenient, efficient, and effective method for buying and selling goods. [ 6 ] Despite the benefits of online auctions, the anonymity of the internet, the large market, and the ease of access makes online auction fraud easier than ...
UPS also tends to manage more diligent shipping histories that’ll help combat buyers who claim they never received their item and now demand a refund.” Check out these new phone and email ...
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.
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]
EBay’s stock price rose nearly 10% on Wednesday—one of its largest single-day increases in years—boosting the company’s market cap by about $3 billion to $33 billion.
In a traditional auction, the seller offers an item for sale. Potential buyers are then free to bid on the item until the time period expires. The buyer with the highest offer wins the right to purchase the item for the price determined at the end of the auction. A reverse auction is different in that a single buyer offers a contract out for ...