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Steve M.and that is that Bidder 1 also made an error in placing his bid. He was intending to put in $9.99 not $999.00. Then because of the delay of ebay notification that he had been outbid and due to his failure to keep track of the auction to see that he had been outbid his $999.00 stood right up to the end when our hapless "winner" bid his $4000.
In all other repsects your analysis is right on.