Chance auctions

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Chance auctions

Post  Lalith Polepeddi on Mon Jun 01, 2009 8:10 pm

A popular variant on the first price auction is the silent auction. There are a couple version of this.

Chinese auction: In this auction, bidders buy tickets and place their ticket in a basket for an item. The more tickets you buy and enter in an item’s basket, the higher your chance of winning that item.

Traditional silent auction: Bidders write their bids on a bid sheet for an item and check periodically on the items if they have been outbid. There was a previous post on Candle Auctions and auction sniping, it seems like these auctions could be especially vulnerable to this (http://socialnetworks101.forumotion.net/blog-posts-f4/candle-auction-history-and-today-t525.htm)

Lalith Polepeddi

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Join date : 2009-04-05

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Re: Chance auctions

Post  Jacquelyn S Thich on Tue Jun 02, 2009 12:22 am

I think that chinese auctions are good for both the seller and bidder. A chinese auction, as described below, would seem like a raffle, but the difference is that in a chinese action, you buy tickets in which you place in a hat for a specific item. In raffles, you buy tickets and place it into a hat for a variety of items; you are able to single out which items you would want chance to win in a chinese auction. I think this is a good form of auctions because the item will go the person who values it the most. In addition, you wouldn't be spending tickets on items that you wouldn't want. This could also be very good for the seller because if you have an item that is valuable, you would get a profit proportional to the item's value.

Jacquelyn S Thich

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