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Re: Re: Bank Sealed bid auction rip off!
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Posted by ScottyNY on February 06, 2002 at 11:48:01 from (128.59.123.240):
In Reply to: Re: Bank Sealed bid auction rip off! posted by morty on February 06, 2002 at 10:25:14:
There is a type of sealed bid auction designed to let an item go for something closer to its real price--called a Vickery auction after the fellow who devised it. Avoids undue run-up of the price and shameless low-balling. The highest bidder gets the lot, but pays the amount of the second highest bid. It's to the bidder's advantage to bid high enough to get it. But it's to every bidder's disadvantage to engage in overbidding.
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