Clarification of Rules of Auction
Posted: Wed Jun 09, 2021 8:54 am
It's been a while since we had an auction in CLOK. I do recall from years back, that the system employed was the one known as "Second-Price Sealed-Bid Auction", an official description of which could be viewed here: https://www.econport.org/econport/reque ... ricesealed
To summarize the content of the link by an example, if 5 player characters mailed in bids for the ebony and oak saddlebag coffer with thick straps, and the amounts of those bids were 200,000, 300,000, 400,000. 600,000 and 1,000,000 riln, the character who placed the million riln bid would win the auction, but the price he would pay would be the amount of the second-highest bidder, in this hypothetical example, the 600,000 riln.
So my question is, will this current festival auction continue in CLOK tradition with using this Second-Price bidding method? Thank you.
To summarize the content of the link by an example, if 5 player characters mailed in bids for the ebony and oak saddlebag coffer with thick straps, and the amounts of those bids were 200,000, 300,000, 400,000. 600,000 and 1,000,000 riln, the character who placed the million riln bid would win the auction, but the price he would pay would be the amount of the second-highest bidder, in this hypothetical example, the 600,000 riln.
So my question is, will this current festival auction continue in CLOK tradition with using this Second-Price bidding method? Thank you.