Forums-->Queries and help-->
1|2
| Author | Bidding |
|---|
for virtual_vitrea:
Say the bid was 20,000.
I bid 50,000 - because that is how much I want to pay. But it will only show as 20,000.
Then you are willing to pay 30,000 - So you bid 30,000.
My bid will automatically jump up to 30,500 or something similar, because I was willing to bid up to 50,000. If I won the auction at 35,000 gold - Then the 15,000 would be refunded to me. | Everything about bidding has went out of my head lol
its so damn complicated.....
cant understand single thing D: | | Person with the highest bid wins, it's as simple as that. :) | for Corey:
okay thanks. Is that how auctions work in general? I mean in real life do people bid as much as they want to secure the winning bid but in the end they only have to pay the second highest bid? | Is that how auctions work in general? I mean in real life do people bid as much as they want to secure the winning bid but in the end they only have to pay the second highest bid?
There are many different types of bidding in the real world.
https://en.wikipedia.org/wiki/Auction#Types
They will range from things like sealed auctions where people bid their maximum preference and the person with the highest bid pays that much. There is also the English auction where you hear what other people bid and try to outbid them. | They will range from things like sealed auctions where people bid their maximum preference and the person with the highest bid pays that much. There is also the English auction where you hear what other people bid and try to outbid them.
Whats the difference in both?
In both the person with highest bid is winning ^^ | Let's say you bid with some guys on an item where you hear what they bid.
You are person A and you don't want to spend more than 100 for the item.
There are also person B who doesn't want to spend more than 50, and person C who doesn't want to spend more than 30. But you guys don't know what the others are willing to spend.
The biding starts, you bid for 10. C bids for 15. B bids for 20. You bid 25. C bids 30. B bids 40. Now C won't bid anymore. You bid 40. B bids 50. You bid 60. Now B won't bid anymore.
Congratulations, you took the item for 60.
What if you all put your bids without knowing of each other? Well, you'd bid 100 to be sure, right? You wouldn't know to bid just 60 cause you would lose it if someone would be willing to take it for something like 80. But you don't know that. You put 100 to be sure.
You would still get the item, but for 100.
The automatic auction in like a combination of both, with the benefits of both. You state to the system how much you would be willing to bet, say 100, but the bids are done automatically in small increments, and you would get the item for 60 without having to be there to do it yourself. |
This topic is long since last update and considered obsolete for further discussions.
1|2Back to topics list
|
