Editing Maximum bids?

[Gill]

I would like to see an option to edit maximum bids.
You may on reflection not want to bid that high.

You may enter the wrong bid. eg £100 instead of £10.

The poll is open for seven days!

After much thought I have opted for Yes.

[JaBek1]

The problem with an option to edit a a maximum bid, or to be more precise to lower a maximum bid, is that once placed such a bid has or could have already influenced the bidding on that auction. The potential for abuse alone makes such an option undesirable since there would be no way to police it to avoid abuse.

When one places a bid one is placing an actual bid in the amount that they enter and not the amount that appears as the current bid. The amount that shows as the current bid is merely that portion of the bidder's bid necessary to keep that bidder in the lead (winning) until the bidding ends or the amount that was bid is exhausted. The program compares the amounts of the bids being placed against the other bidder's bids and the amount of the current leading bid. It uses only as much of the bid as is needed based on a preset increment.

By the way, the maximum bid cannot be edited upward either. However, one can place another bid in a higher amount which, in effect, is a separate bid that would be used once the full amount of other bid has been exhausted. The only reason that placing such a bid doesn't increase the current bid showing when that bidder is already in the lead is that there is programming in place to prevent a bidder from bidding against themselves.

By the way, such an option could raise a question about the integrity of auctions that allowed it in some jurisdictions. Auctions, in many places, are highly regulated so any question of impropriety with regard to bid manipulation could invite serious scrutiny by those whose job it is to oversee compliance with those regulations.

[sherlock07]

The problem with an option to edit a a maximum bid, or to be more precise to lower a maximum bid, is that once placed such a bid has or could have already influenced the bidding on that auction. The potential for abuse alone makes such an option undesirable since there would be no way to police it to avoid abuse.

This is the bit that I am failing to understand, As I understood when a proxy bid as been placed, the only person that knows what that bid is, is the person who has placed the bid.

The seller or any other bidder does not know what the proxy bid is, or even that there is a proxy bid on the item, so how can it influence the outcome?

[Pink_Panther]

The problem with an option to edit a a maximum bid, or to be more precise to lower a maximum bid, is that once placed such a bid has or could have already influenced the bidding on that auction. The potential for abuse alone makes such an option undesirable since there would be no way to police it to avoid abuse.

When one places a bid one is placing an actual bid in the amount that they enter and not the amount that appears as the current bid. The amount that shows as the current bid is merely that portion of the bidder's bid necessary to keep that bidder in the lead (winning) until the bidding ends or the amount that was bid is exhausted. The program compares the amounts of the bids being placed against the other bidder's bids and the amount of the current leading bid. It uses only as much of the bid as is needed based on a preset increment.

By the way, the maximum bid cannot be edited upward either. However, one can place another bid in a higher amount which, in effect, is a separate bid that would be used once the full amount of other bid has been exhausted. The only reason that placing such a bid doesn't increase the current bid showing when that bidder is already in the lead is that there is programming in place to prevent a bidder from bidding against themselves.

Not so in my view.

Say I have placed a maximum bid, then it stands to reason that so long as my maximum bid has not been reached I would be winning the auction.

No one else knows what I am prepared to bid (Max bid).
Whilst the bidding is taking place I could get cold feet for whatever reason.
Say I'm at $75 and decide that's all I'm willing to pay; OK. Revise max bid down to $75.
If it sells at $75 then I bought it.
However if someone else bid over $75 then they bought it.

IMHO actual bids made should be honoured.

No one should be able to revise a max bid below the current bid.

In other words if your bid is winning you own it until someone else bids higher.

[CopperLocker]

Not so in my view.

Say I have placed a maximum bid, then it stands to reason that so long as my maximum bid has not been reached I would be winning the auction.

No one else knows what I am prepared to bid (Max bid).
Whilst the bidding is taking place I could get cold feet for whatever reason.
Say I'm at $75 and decide that's all I'm willing to pay; OK. Revise max bid down to $75.
If it sells at $75 then I bought it.
However if someone else bid over $75 then they bought it.

IMHO actual bids made should be honoured.

No one should be able to revise a max bid below the current bid.

In other words if your bid is winning you own it until someone else bids higher.

I have to say that the statement in red is a definite example of the how even an unintentional abuse can be executed. If you have any reservations about a bid, then it would be prudent to watch the bidding until the last few minutes, and make your bid then. Too many buyers could take advantage of the system. If you are getting cold feet about an auction, that should be a red flag for making any type of max bid.

[Pink_Panther]

I have to say that the statement in red is a definite example of the how even an unintentional abuse can be executed. If you have any reservations about a bid, then it would be prudent to watch the bidding until the last few minutes, and make your bid then. Too many buyers could take advantage of the system. If you are getting cold feet about an auction, that should be a red flag for making any type of max bid.

I don't understand?
If my bid is winning, but I do not wish to bid any higher.
Why can't I revise my max bid to reflect this?

How is this abuse?

I think what is happening here is what we perceive to be a 'bid' and what is an 'intent to bid'.

For example; If I left a bid 'on the book' at a live auction ; then I would be bound by that.
UNLESS! I had before the start of the auction (a live auction mind) contacted the auctioneer and requested that I could lower my max bid.

Obviously this could not happen in a live auction as it was in progress.

But an online auction is completely different as auctions take place over days and not over in minutes.

[adruml]

I don't understand?
If my bid is winning, but I do not wish to bid any higher.
Why can't I revise my max bid to reflect this?

How is this abuse?

I think what is happening here is what we perceive to be a 'bid' and what is an 'intent to bid'.

For example; If I left a bid 'on the book' at a live auction ; then I would be bound by that.
UNLESS! I had before the start of the auction (a live auction mind) contacted the auctioneer and requested that I could lower my max bid.

Obviously this could not happen in a live auction as it was in progress.

But an online auction is completely different as auctions take place over days and not over in minutes.

Because you already committed to the max you would pay. Don't drive up the bidding on false pretense.
If for any reasons you're unsure then play the bid game and follow and watch, then bid. No, you can't make a promise then break it. Bid and bid correctly geeeez.

[JaBek1]

The placing of a bid, whether or not the seller or any other bidders know the exact amount (maximum), still can have an affect on the bidding because the computer knows and is comparing it against the bids placed by others.

Just suppose that, although your maximum bid is not revealed, a bidder places a bid and the current bid on the listing goes up to just one increment above that bidder's bid. Do you think it would be okay for you to reduce your bid to below the amount of that person's bid? If the system allowed that, not only would that bidder's max bid have been exposed, the seller would be put in the position of possibly thought of as engaging in shilling. Not only would the seller's integrity be unjustly questioned, but the integrity of the site as a viable auction site would be suspect.

Frankly, I don't see that eBid could ever implement such an option without the question of price manipulation being considered. Of course, that could bring up issues with the Sherman Anti-Trust Act and its section dealing with price fixing and bid rigging. While I realize that eBid is a UK site, this could cause quite a bit of trouble for US sellers or anyone attempting to sell to US buyers.

[Pink_Panther]

The placing of a bid, whether or not the seller or any other bidders know the exact amount (maximum), still can have an affect on the bidding because the computer knows and is comparing it against the bids placed by others.

Just suppose that, although your maximum bid is not revealed, a bidder places a bid and the current bid on the listing goes up to just one increment above that bidder's bid. Do you think it would be okay for you to reduce your bid to below the amount of that person's bid? If the system allowed that, not only would that bidder's max bid have been exposed, the seller would be put in the position of possibly thought of as engaging in shilling. Not only would the seller's integrity be unjustly questioned, but the integrity of the site as a viable auction site would be suspect.

Frankly, I don't see that eBid could ever implement such an option without the question of price manipulation being considered. Of course, that could bring up issues with the Sherman Anti-Trust Act and its section dealing with price fixing and bid rigging. While I realize that eBid is a UK site, this could cause quite a bit of trouble for US sellers or anyone attempting to sell to US buyers.

Absolutely not!

That is not what I am saying!

eg; Day 1 of auction I place opening bid of say $1 and max bid of $10.

On day 2 the bid is at $5 and I'm winning at this point.

However; I then decide I only want to pay $5 max .
So now if I were able, I would edit my max to $5.

I would still honour this $5 bid.

Then the bidding reaches $6 and someone else is winning.

My editing of my max bid is not a bid retraction which is what I think you may be on about.

[johnwash1]

Absolutely not!

That is not what I am saying!

eg; Day 1 of auction I place opening bid of say $1 and max bid of $10.

On day 2 the bid is at $5 and I'm winning at this point.

However; I then decide I only want to pay $5 max .
So now if I were able, I would edit my max to $5.

I would still honour this $5 bid.

Then the bidding reaches $6 and someone else is winning.

My editing of my max bid is not a bid retraction which is what I think you may be on about.

Thanks for the clear example, although there were already perfectly clear examples earlier in the thread. I think you and I just have to accept there are some people here who simply don't understand how a proxy bidding system works (even though ebid is just like feeBay and many other internet auction sites) and their goldfish attention span prevents them from taking in your information and correcting their impression.

Don't worry. I made that sentence long enough that they won't realise I'm insulting them!

Admittedly there may be some varieties of auction where bid reduction would be inappropriate. I don't use Dutch auctions or multiple items etc, so I've not bothered to think about them. But for the usual plain auction with proxy bidding, bid reduction doesn't harm anyone. If 39 postings haven't already convinced people of that then they should stop using auction sites!