Quote:
Originally Posted by shammus
[we] need to figure out a way to keep people from dropping out of the transaction when they're disappointed with the final price.
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That is the most important "rule" for any Net 54 auction.
If a person is not willing to sell something to the highest bidder, then that person should not be using an auction format to sell their item. There is inherent risk that comes along with selling something by auction. Selling via an auction is not for a risk averse person. The whole underlying theory behind a true auction is something is sold to the highest bidder, at whatever price the highest bidder bids!
If somone insists on using the auction format and is NOT willing to sell their auction item unless the price reaches a specific level, then they should be required to SPECIFY AN OPENING BID AMOUNT in their initial auction posting that is equal to the lowest amount they will sell the item for. It is not fair to do it any other way. A seller should not waste a bidder's time.