Allow open-ended auctions

[hkoppel]

Auction format would be

Item Q start_price [+(#)h]

Auction would close +# hours after last valid bid

Example:

Stones q15 20.00 [+12h]

11:00 bidder #1 bids 20.05 - if no-one bids before 23:00 bidder #1 wins

22:55 bidder #2 bids 20.07 - if no-one bids before 10:55 next morning then bidder #2 wins

10:55 next morning - there are no more bids so bidder #1 wins

[Guest]

Well starting fresh and proposing it is certainly a better approach then starting one rogue-style and then complaining when it's shut down. Don't do that please.

Someone recently proposed almost the exact same thing. IMHO the idea on it's own is not wholly without merit. What I dislike about this proposal is that 12 hours is simply too long, and there's no underlying basis of expectations. (People have to be reasonably certain when an auction will end, because we mandate shipment and receipt on a very strict timetable.

And yet what I like about this as opposed to that other pitch is the way you suggest making it an auction option as opposed to the default policy. That's a more palatable approach to me.

That said, I don't think the existing auction rules are so limiting that they need to be revised. Give it a few days and we can discuss the pros and cons of it internally. But you should expect that it won't happen as you can always stand by the "aint broke, don't fix it" rule.

[Guest]

i dont like it because the auction could go on forever and you might need it by a certain date

[hkoppel]

12 hours was just an example.
People will probably find the optimum time by trial and error. If one can afford to wait for sale then one can choose even longer time, if one needs quick cash then one can use shorter wait period or just use the old style fixed ending auctions.

[hkoppel]

i dont like it because the auction could go on forever and you might need it by a certain date

it's clear that product gets sold more quickly because you can offer the best price very early and don't have to "snipe" in the end.

[Guest]

Experiment, that was carried out, was not what I wanted - 15 minute extending in the end is useful, when you have 1000-s of players online every moment, but not in this game!

at least +12..+24 and no fixed ending would be different deal altogether

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PLEASE COMMENT HERE, IF YOU LIKE THIS IDEA

[Guest]

12 hours are a little bit too much I think
So it could happen that you have to wait a few days before the auction ends

Perhaps 6 hours would be better? And even 6 hours can end in a couple of days.

[Guest]

12 hours are a little bit too much I think
So it could happen that you have to wait a few days before the auction ends

Perhaps 6 hours would be better? And even 6 hours can end in a couple of days.

I am glad that you asked this question. 12 hours will actually mean that, if a buyer really wants the item, let's say 1000sqm factory in Germany, and is willing to pay 30M for it - then he pays it and there is no others who want it and he gets it in 12 hours. Otherwise you need to set end time in 2-5 days.
Let's say there is a person who really/really needs this factory - and he is willing to bet more than it's worth for others - he makes a blocking bid of 35M and the auction ends for him in 12 hours - instead of waiting 2-3 days/weeks until it actually ends.

Also I want this end time to be configurable - 6hours/12 hours/24 hours - whatever you want. 12 hours is good because it carries over to the next day.

[Guest]

As much of the bad and good sides of open ended auctions can become very long and complicated. A simple solution to neutralizing most of the bad side of open ended auctions would have two times, first would be when the auction could start to end and a second which will permanently end the auction which cancels out the time after the last bid.

Example:
(Amount) (Product) (Quality) [(First Date/Time) +(Time After Last Bid) (Second Date/Time)]
50,000 Gas Q10 [2007-10-05 24:01 +15 minutes 2007-10-06 24:01]
All bids must be placed within 15 minutes of last bid to keep the auction going after October 05, 2007. The second date and time (2007-10-06 24:01) will be when the auction will no longer continue. If the last bid was 2007-10-05 23:59 and a person bid on 2007-10-06 24:02, the bid will be invalid since the auction completely ended a minute ago regardless.

[Guest]

Well, it is possible that auction will go on for long time, but I think that it will be quicker - because best price will be reached quicker - and it won't go on forever, because no-one wants to pay for item more than it is worth to him.

In ordinary auction - I've seen betting end 2-3 days before end time - but with +12 auction it would be over in +12 hours:D

[Guest]

I can see a reason for this and some very good arguments have been made. The one thing that I like about it is the opportunity for someone who is not online near the end of the auction the opportunity to beat the highest offer. I like the +12:00 format. Eliminates the "post at the last minute and win" scenario. But, there are pros and cons to that also.