Altering Auctions

Zestive

Known Member
Apr 25, 2016
213
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Canada
#1
Hello everyone.

I was musing today about issues with the current auction plugin. 1 well we have anti-snipe people still compete only near the end of the auction attempting to bid for an item far below what most bidders would pay. 2 at times when bidding increments are set low auction spam can become an issue (I do understand we have a command to deal with this).

My suggestion for auctions would be to change the plugin to a sealed bid style of auction specifically Vickery.

"A Vickrey auction is a sealed-bid auction where bidders submit bids without knowing the bids of other people. However, as opposed to other sealed-bid auctions, the price paid is the second-highest bid price and not the winning bid price. The Vickrey auction was named after William Vickrey, a Canadian who won the 1996 Nobel Prize in Economics for his research on asymmetric information in economics. " a full example of this auction format can be found here with additional information on the topic.

The major key-point is this model encourages true value bidding where a person places what they would willingly pay for an item. Additionally the bidding is hidden completely removing auction spam as an added bonus auction boosting is no longer possible. Well I don't know anything for the issues based on coding such a plugin I thought I would put my suggestion forward for broader consideration.

Thank you to anyone who took the time to read up on this auction style and evaluate the viability of such an change.

Regards
Zestive

Update: If the Vickrey style is throwing people off then how about the use of just plain sealed bidding?
 
Last edited:
Dec 21, 2018
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#2
I would personally find this inconvenient. This style of bidding would instead force players to overbid in order to get the item, or not bid at all.

Some auctions do end up underpriced right now, but that is not the case for most of them it would be more compared to 50/50. As you said the auction spam can also be disabled so that shouldn't be a problem.

If you want people to buy your items at a fair price, simply place them in the auction house or put them up for auction at a starting price that is not lower than the original by much
 

Zestive

Known Member
Apr 25, 2016
213
77
78
25
Canada
#5
I would personally find this inconvenient. This style of bidding would instead force players to overbid in order to get the item, or not bid at all.

Some auctions do end up underpriced right now, but that is not the case for most of them it would be more compared to 50/50. As you said the auction spam can also be disabled so that shouldn't be a problem.

If you want people to buy your items at a fair price, simply place them in the auction house or put them up for auction at a starting price that is not lower than the original by much
I was just wondering if you had taken any time to read the link provided. It is clearly show in the application of game theory that overbidding or underbidding are both sub-optimal patterns of bidding. When you break down the outcomes from bidding high you see that the risk and actual effect of overpaying dissuade this behavior. However if this was still a concern a sealed bid where the highest bidder wins and pays that price would deal with those concerns.

Your comments about other methods of sale stray from the initial topic of my original post. However I am not worried about auction prices matching what you would call "brick and mortar locations" aka Auction House or chests shops. Since Auction House have longer terms and are fixed prices it will normally be higher the same as chest shops. However your feedback on the concerns of rampant overbidding is a point where I can see dissatisfaction with a Vickrey style auction.

An additional point I should have made in my initial post is that sealed bid formats would completely remove issues around simply trying to be the last bid to get items. Even though we have a anti-bid sniping in place the system is still worked around with individuals simply trying to have that last bid. Thank you Zaidebot for your feedback on how you feel about the Vickrey Style of auction.
 
Last edited:
Dec 21, 2018
62
14
13
16
#6
I was just wondering if you had taken any time to read the link provided. It is clearly show in the application of game theory that overbidding or underbidding are both sub-optimal patterns of bidding. When you break down the outcomes from bidding high you see that the risk and actual effect of overpaying dissuade this behavior. However if this was still a concern a sealed bid where the highest bidder wins and pays that price would deal with those concerns.

Your comments about other methods of sale stray from the initial topic of my original post. However I am not worried about auction prices matching what you would call "brick and mortar locations" aka Auction House or chests shops. Since Auction House have longer terms and are fixed prices it will normally be higher the same as chest shops. However your feedback on the concerns of rampant overbidding is a point where I can see dissatisfaction with a Vickrey style auction.

An additional point I should have made in my initial post is that sealed bid formats would completely remove issues around simply trying to be the last bid to get items. Even though we have a anti-bid sniping in place the system is still worked around with individuals simply trying to have that last bid. Thank you Zaidebot for your feedback on how you feel about the Vickrey Style of auction.
Yes, I have read the link provided, I just don't find this style of bidding better than the already existing one
 
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