quote:
Originally posted by Jabbergah:quote:I don't have a lot of experience with Dutch auctions, but Sniper Bill's tips on Dutch auctions got me to thinking.
Our winning bidder pays $200 EACH for all of them: he was his own lowest bidder.
Say there is a Dutch auction for 10 items with opening bid of $1, and I'd LIKE to win all. Say I place bid of $1 for 10 of them AND place a bid of $10 for 1. Say no one else bids on the items. Would that mean I'd end up paying only $1 each for all 10?
Yes, you are correct... but there would be no reason to place the $10 bid for 1. Another way to look at is.. if there are 10 items, you are pretty safe bidding a high amount on 9 of them. You can still bid on the 10th, just be sure that you don't bid too much as you are now creating a bidding war on the 1 that will become the price for all 10 (assuming that it is the lowest priced 1). The ideal situation is that you get 9 of the items, for the price of the lowest single item.
Further, the tip sheet was just warning users not to bid their max on all 10... otherwise they may have to pay the max price on all 10. If they only bid their max on 9.. then they will have a very good chance of getting all 9 or even 10 at a great low price.