[Spridgets] Cookie Jar

corvallis at peoplepc.com corvallis at peoplepc.com
Sun Apr 3 10:01:38 MDT 2011


In "magic number bidding" an auctioneer colludes with a bidder ("the
scammer"). The scammer secretly informs the colluding auctioneer of the
scammer's reservation price, the lowest amount for which . [more]it would
still be profitable to perform the work in question. The colluding
auctioneer then defers "reading" the scammer's bid until last. If the
scammer's reservation price is less than the minimum bid, the auctioneer
says that the scammer's bid was a small amount less than the prior minimum
bid. The scammer thus wins a profitable bid. If the scammer's reservation
price is more than the minimum bid, the auctioneer says that the scammer's
bid was something more than the minimum bid, thus ensuring that the scammer
never enters a losing bid. The scammer thus profits to the extent of any
positive difference between the minimum bid of other bidders and the
scammer's reservation price.
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-----Original Message-----
From: spridgets-bounces at autox.team.net
[mailto:spridgets-bounces at autox.team.net] On Behalf Of David Lieb
Sent: Sunday, April 03, 2011 8:39 AM
To: Spridgets
Subject: Re: [Spridgets] Cookie Jar

> Looks like a great job via "Snipe" [or some such], Bill:

Not necessarily. Could just as easily been a simple case of "magic
number" bidding, although sniping is more common.
David L
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