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Auction Sniping
Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper. This can be done either manually or by software on the bidder's computer, or by an online sniping service. A bid sniper (often, merely called a ''sniper'') is a person, or software agent, that performs auction sniping. Usage Online services claim that their use decreases the failure rate of the snipe, because they have more reliable servers and a faster Internet connection with less variation in latency, allowing the bid to more reliably be placed close to the deadline. Strategy Experienced bidders on online auctions with fixed ending-times often prefer entering bids late in the auction to avoid bidding wars (multiple rounds of bidders each increasing their maximum bid to temporarily regain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Auction
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules. In 2002, online auctions were projected to account for 30% of all e-commerce, indicating large growth for the sector. There are three primary markets for online auctions: business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C). The largest consumer-to-consumer online auction site is eBay, which is growing in popularity because it is a convenient, efficient, and effective method for buying and selling goods. Despite the benefits of online auctions, the anonymity of the internet, the large market, and the ease of access makes auction fraud easier online than in traditional auctions. , online auction fraud was the most common type of internet fraud. History Online auctions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EBay
eBay Inc. ( ) is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995 and became a notable success story of the dot-com bubble. eBay is a multibillion-dollar business with operations in about 32 countries, as of 2019. The company manages the eBay website, an online auction and shopping website in which people and businesses buy and sell a wide variety of goods and services worldwide. The website is free to use for buyers, but sellers are charged fees for listing items after a limited number of free listings, and an additional or separate fee when those items are sold. In addition to eBay's original auction-style sales, the website has evolved and expanded to include: instant "Buy It Now" shopping; shopping by Universal Product Code, ISBN, or other kind of SKU number (via Half.com, which was shut down in 2017); and othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bidding Fever
Calor licitantis is a Latin phrase, the literal translation of which is, "heat of soliciting." The functional use of the phrase in both modern times and antiquity is "bidder's heat". This is also known as "auction fever". Origins The phenomenon of calor licitantis is believed to be as old as auctions themselves. This term was first used in the court system of Rome to describe the irrational behavior of bidders at auctions. The use of the phrase seemed to describe both the mental state of the bidder and the result of that state; specifically, that through the bidding process undertaken by one suffering from ''calor licitantis'', the price of an item was driven above and beyond its typical or expected value. Bidder's Heat in Antiquity According to the Corpus Juris Civilis, the official body of Roman law, a bidder could be released from their bond to a purchase if ''calor licitantis'' had led to inflation of the price of the item in question such that the bidder could not rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jump Bidding
In auction theory, jump bidding is the practice of increasing the current price in an English auction, substantially more than the minimal allowed amount. Puzzle At first glance, jump bidding seems irrational. Apparently, in an English auction, it is a dominant strategy for each buyer whose price is above the displayed price, to always bid the minimal allowed increment (e.g. one cent) above the displayed price. By bidding higher, the bidder gives up the opportunity to win the item at a lower price. However, in practice buyers increase the displayed price much more than the minimal allowed increment. Buyers may even sometimes offer an increase on their own high bid, seemingly irrationally. Several explanations have been suggested to this behavior. Reducing bidding costs When bidding is costly, or when time is costly, jump-bidding allows the bidders to reduce their total costs and get to the outcome faster. Signaling Consider two veteran bidders, that compete with each ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bid Shading
In an auction, bid shading is the practice of a bidder placing a bid that is below what they believe a bid is worth. Bid shading is used for one of two purposes. In a common value auction with incomplete information, bid shading is used to compensate for the winner's curse. In such auctions, the good is worth the same amount to all bidders, but bidders don't know the value of the good and must independently estimate it. Since all bidders value the good equally, the winner will generally be the bidder whose estimate of the value is largest. But if we assume that in general bidders estimate the value accurately, then the highest bidder has overestimated the good's value and will end up paying more than it is worth. In other words, winning the auction carries bad news about a bidder's value estimate. A savvy bidder will anticipate this, and reduce their bid accordingly. Bid shading is also used in first-price auctions, where the winning bidder pays the amount of his bid. If ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buy It Now
eBay Inc. ( ) is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995 and became a notable success story of the dot-com bubble. eBay is a multibillion-dollar business with operations in about 32 countries, as of 2019. The company manages the eBay website, an online auction and shopping website in which people and businesses buy and sell a wide variety of goods and services worldwide. The website is free to use for buyers, but sellers are charged fees for listing items after a limited number of free listings, and an additional or separate fee when those items are sold. In addition to eBay's original auction-style sales, the website has evolved and expanded to include: instant "Buy It Now" shopping; shopping by Universal Product Code, ISBN, or other kind of SKU number (via Half.com, which was shut down in 2017); and other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Auction
An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. * The auctioneer opens the auction by announcing a suggested opening bid, a starting price or reserve for the item on sale. * Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone bids, consisting of buyers with an interest in the item. The auctioneer usually determines the minimum increment of bids, often making them larger as bidding reaches higher levels. * The highest bidder at any given moment is considered to have the standing bid, which can only be displaced by a higher bid from a competing buyer. * If no competing bidder challenges the standing bid within the time allowed by the auctioneer, the standing bid becomes the winner, and the item is sold to the highest bidder at a price equal to their bid. *If no bidder accepts the starting price, the auctioneer either begins to lower the starting price in increme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CAPTCHA
A CAPTCHA ( , a contrived acronym for "Completely Automated Public Turing test to tell Computers and Humans Apart") is a type of challenge–response test used in computing to determine whether the user is human. The term was coined in 2003 by Luis von Ahn, Manuel Blum, Nicholas J. Hopper, and John Langford. The most common type of CAPTCHA (displayed as Version 1.0) was first invented in 1997 by two groups working in parallel. This form of CAPTCHA requires entering a sequence of letters or numbers in a distorted image. Because the test is administered by a computer, in contrast to the standard Turing test that is administered by a human, a CAPTCHA is sometimes described as a reverse Turing test.This test has received many criticisms, from people with disabilities, but also many websites use it to prevent bot spamming and raiding, and it works effectively, and its usage is widespread. Most websites use hCaptcha or reCAPTCHA. It takes the average person approximately 10 seconds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Berlin
Berlin ( , ) is the capital and largest city of Germany by both area and population. Its 3.7 million inhabitants make it the European Union's most populous city, according to population within city limits. One of Germany's sixteen constituent states, Berlin is surrounded by the State of Brandenburg and contiguous with Potsdam, Brandenburg's capital. Berlin's urban area, which has a population of around 4.5 million, is the second most populous urban area in Germany after the Ruhr. The Berlin-Brandenburg capital region has around 6.2 million inhabitants and is Germany's third-largest metropolitan region after the Rhine-Ruhr and Rhine-Main regions. Berlin straddles the banks of the Spree, which flows into the Havel (a tributary of the Elbe) in the western borough of Spandau. Among the city's main topographical features are the many lakes in the western and southeastern boroughs formed by the Spree, Havel and Dahme, the largest of which is Lake Müggelsee. Due to its l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sorites Paradox
The sorites paradox (; sometimes known as the paradox of the heap) is a paradox that results from vague predicates. A typical formulation involves a heap of sand, from which grains are removed individually. With the assumption that removing a single grain does not cause a heap to become a non-heap, the paradox is to consider what happens when the process is repeated enough times that only one grain remains: is it still a heap? If not, when did it change from a heap to a non-heap? The original formulation and variations Paradox of the heap The word ''sorites'' ('' grc-gre, σωρείτης'') derives from the Greek word for 'heap' ('' grc-gre, σωρός''). The paradox is so named because of its original characterization, attributed to Eubulides of Miletus. The paradox is as follows: consider a heap of sand from which grains are removed individually. One might construct the argument, using premises, as follows: :'' grains of sand is a heap of sand'' (Premise 1) :''A heap of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bid Price
A bid price is the highest price that a buyer (i.e., bidder) is willing to pay for some goods. It is usually referred to simply as the "bid". In bid and ask, the bid price stands in contrast to the ask price or "offer", and the difference between the two is called the bid–ask spread. An unsolicited bid or purchase offer is when a person or company receives a bid even though they are not looking to sell. Bidding war A bidding war is said to occur when a large number of competing bids are placed in rapid succession by two or more entities, especially when the price paid is much greater than the ask price, or greater than the first bid in the case of unsolicited bidding. In other words, a bidding war is a situation where two or more buyers are so interested in an item (such as a house or a business) that they make increasingly higher-priced offers in attempts to outbid others and win the ownership of the item. In real estate, a potential buyer can increase their bid in a numbe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shill
A shill, also called a plant or a stooge, is a person who publicly helps or gives credibility to a person or organization without disclosing that they have a close relationship with said person or organization. Shills can carry out their operations in the areas of media, journalism, marketing, politics, sports, confidence games, cryptocurrency, or other business areas. A shill may also act to discredit opponents or critics of the person or organization in which they have a vested interest. In most uses, ''shill'' refers to someone who purposely gives onlookers, participants or "marks" the impression of an enthusiastic customer independent of the seller, marketer or con artist, for whom they are secretly working. The person or group in league with the shill relies on crowd psychology to encourage other onlookers or audience members to do business with the seller or accept the ideas they are promoting. Shills may be employed by salespeople and professional marketing campaigns. ''Pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
