topic Re: Nobel Prize for improving auctions in Buying

Nobel Prize for improving auctions

sea.breeze — Tue, 13 Oct 2020 05:12:15 GMT

Bob Wilson and Paul Milgrom have just won the Nobel Prize for improving auction formats. Hopefully eBay will use their research. Come on eBay, get with the program!

https://www.theguardian.com/world/2020/oct/13/knock-knock-whos-there-the-nobel-prize-for-economics

Re: Nobel Prize for improving auctions

repentatleisure1952 — Tue, 13 Oct 2020 06:30:21 GMT

Colour me thick.

What is wrong with the eBay auctions format?

Re: Nobel Prize for improving auctions

davewil1964 — Tue, 13 Oct 2020 06:44:01 GMT

Not to mention that the research was for non-traditional auctions, like RF spectra. Which I would argue eBay isn't.

Re: Nobel Prize for improving auctions

joztamps — Tue, 13 Oct 2020 07:57:36 GMT

@repentatleisure1952 wrote:
Colour me thick.

What is wrong with the eBay auctions format?

No Nobel Prize fror you

Re: Nobel Prize for improving auctions

*tippy*toes* — Tue, 13 Oct 2020 11:17:04 GMT

@repentatleisure1952 wrote:
Colour me thick.

What is wrong with the eBay auctions format?

Nothing. My sales have gone through the roof since I put my listings back to auction.

Re: Nobel Prize for improving auctions

davewil1964 — Tue, 13 Oct 2020 11:25:55 GMT

The OP has 3 listings - all BIN.

Maybe they think that if eBay used this 'cutting edge' algorithm (noting that Nobel prizes are generally given for work done decades before) they might be able to list auctions instead and magically realize more money.

I'm not sure how that would relate to buyers being prepared to pay more at auction as against BIN, given that in a market such as this prices tend to be dictated by what others are selling for.

For eg - I sold a book this evening where I was the cheapest. Hardly ever happens as I don't aim for that, but more fool me for not checking my pricing more often than every 2 years.