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Old 24-01-2010, 02:19 AM   #31
Paradize
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Default automated Maximum bid or 5minute extension.

Dear Moderators,
Looking to improve the bid process for better market operation. Do let me know your thinking. My humble suggestion below.

In Ebay, a bidder after bidding 1 price, can set the maximum price that are willing to bid in case they are outbidded. Are there plans to implement this?

This would benefit sellers so that althou the bidder maybe outbidded when he is away, the auto mechanism will help him be the top bidder.

Since AF disallow doublenicks, there is little chance of abuse of seller trying to push up price and buy back fish if price below expectations.

This will also prevent the phenomenom of last minute bidders when there are no bids for 6hours.

An alternative is if there are new bidders in the last 5minutes before official closing, the auction is automatically extended by 5minutes. This is slightly closer in spirit to the SGX way whereby the last minutes of trading the prices, buyers and sellers are brought together to prevent last minute support for certain stocks that cause the index or a certain stock to fluctuate wildly. Some companies used to do this to make their performance look good for financial year end closing.
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Old 24-01-2010, 02:25 AM   #32
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AF is not ebay... Buy/Sell is not the main core function of AF as ebay is.
If buyer is serious about the auction and worried he may not be around on bid end, he should bid the mximum he is comfortable with. Else its too bad.
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Old 24-01-2010, 11:22 PM   #33
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Please see the suggestion to improve AF as a fair place.

true as you mention it is not the main core function, maybe to reduce AF Mod time, efforts and AF memory space/ bandwidth is to stop buy/sell. it would allow resources to better concentrate on AF's core competencies such as its sharing forum to provide best value.

if AF continues Auctions, I propose a small rule change that does not require any extra computer coding or extra cost. just allow 5minute extension if any bid comes in the last 5minutes because when we notice some low price auctions, last few minutes sees many bids after being quiet for hours or days.

I have been involved in 1 auction and let the higher bidder take the fish although I was the "last" highest bidder to benefit the seller. recently, i was the highest bidder but missed by seconds to respond to 2nd rival bidder. I congratulate the legal winner but the seller miss out on higher market price of their fish.

the rule change will benefit the seller to get better price without AF adding any cost, no extra computer code, only 5minute extension rule change.

I pray you see this in a positive light of improving AF.
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