3rd Auction league - bidding...now chat thread

[JOSEPHKENDALL]

Opening bid of 8.00 for Maddux.

[PotKettleBlack]

[quote:f03153e588]Gibson:
Pot K. Black 7.55

and the winner.....

Joekendall 7.79
[/quote:f03153e588][quote:f03153e588]
Pfiester:

PotKettleBlack - 5.2

And the winner ironwill - 5.67[/quote:f03153e588]
I'd be really pissed if this were a Vickrey auction.

That gives me an idea, but only after this plays out:
Sealed bid, second price auction.
Here's a wiki on that:
http://en.wikipedia.org/wiki/Second_price_auction

EDIT: Link now fixed.

[jet40]

link does not work.

But I agree, all I want to know is the top 2 bids.
Okay by me

[carr20]

Need gorshar and ironwill1 to conclude the other Gibson auction

[kimkrichbaum2]

Personally I like to know all the bids, just gives me a sense of how people are bidding. But if nobody else cares, I can let it go.

[PotKettleBlack]

[quote:3917295acb="litangel"]Personally I like to know all the bids, just gives me a sense of how people are bidding. But if nobody else cares, I can let it go.[/quote:3917295acb]
Agree. Like to see the whole pattern.

The idea behind a second price auction is that it gets people to bid closer to their personal valuation. That's kind of the idea behind a sealed bid auction (this) but with a second price, you'd get your player for a discount on your valuation, or not at all. Of course, players who don't know what they are doing in that style of auction will tend to overbid, counting on the rest of the pool to bail them out. A couple of rounds, and they are squared away.
At any rate, might try and start that when this is done.

[hackra]

[quote:259ac6738b="litangel"]Personally I like to know all the bids, just gives me a sense of how people are bidding. But if nobody else cares, I can let it go.[/quote:259ac6738b]

I prefer to know all of the bids also...transparency is a good thing. I have never tried the standard auctions on the boards, but would like to try that if there are 12 guys in absolutely no hurry somewhere down the line.

8-)

Even after reading the link, I'm not so sure I understand the second place auction idea well enough to find that appealing, maybe if I saw one play out (or got to try a mock auction) I could be persuaded. :?

[PotKettleBlack]

Well, the way it would work is the same as this, only instead of paying your actual bid, you pay the second place price.
So, in the two that I highlighted (as a commentary on being close but not getting a cigar), the winning bidder, would pay my bid rather than his own. The reason is to establish something more like the market value of the commodity being traded, in this case, the player.

This style of auction is a little prone to collusion, though with 11 interested bidders (or maybe 12, don't really need to have a baseline bid with a closed auction, though it's nice), collusion is difficult to pull off.

I'm now 5.5 years out from the class where I got my auction theory, so the exact math of why this works better in certain cases than what we're doing is fuzzy in my memory.

[JOSEPHKENDALL]

Gentlemen:

I will only have internet access early in the morning and late in the evening Saturday and Sunday. I will post the Maddux results as soon as everyone bids or late tomorrow evening.

[BobBoone]

Just Gorshar on Paige please.