20-07-2021, 11:22 AM
If several bidders are using sniping tools to put in bids in final seconds, what happens? Do some get blocked out?
There's an interesting auction method in some property sales. The auction has a bidding period of several days or weeks, with an end date and time. If a bid is received in the last two minutes of the bidding period then the end time is extended by a further two minutes. If a bid is made in that extended period another two minutes is added; and so on.
So there can be no advantage in bidding at the last moment to try and snatch the deal, and the seller can be reasonably sure they extracted the best price from the process.
There's an interesting auction method in some property sales. The auction has a bidding period of several days or weeks, with an end date and time. If a bid is received in the last two minutes of the bidding period then the end time is extended by a further two minutes. If a bid is made in that extended period another two minutes is added; and so on.
So there can be no advantage in bidding at the last moment to try and snatch the deal, and the seller can be reasonably sure they extracted the best price from the process.