Well, you're not obligated to buy when offered a second chance. You are when you win.MattCarey said:The thing that bugs me about this as a buyer is this--
because Bidder #1 was there, my bid is now at the highest amount.
However, if bidder #1 weren't there, my bid would have been at the price of bidder #3 plus the bid increment. As noted by Jim, there can be quite a gap between #2 and #3.
Matt
Dan Fromm said:Well, you're not obligated to buy when offered a second chance. You are when you win.
If you bid stupidly, you're off the hook. If you bid sensibly, well, then buying at the second chance may not be as good for you as buying at the 3d highest bid plus the increment, but you up for paying what you bid. So where's the problem?
MattCarey said:The thing that bugs me about this as a buyer is this--
because Bidder #1 was there, my bid is now at the highest amount.
However, if bidder #1 weren't there, my bid would have been at the price of bidder #3 plus the bid increment. As noted by Jim, there can be quite a gap between #2 and #3.
Matt
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