vincevincevince - 12:27 pm on Aug 22, 2008 (gmt 0) Example of Ebay's system:
The way Ebay implemented the bidding process did cripple the auction format to a substantial extent. They have always pandered to the seller's requests rather than the buyer's preferences - which is why buyers no longer trust or like it. They should have reformed their systems a long time ago to a sealed bid system - you bid $10 but don't know if you are the high bidder until the auction closes.
Adam bids max $5 for a widget; Ben bids max $10 (price now shows $5.10); Charles, friend of the seller bids max $15, price shows $15. Charles withdraws. Ben is offered the option to buy, not at the price before Charles appeared ($5.10) but at $10 - his max bid, despite there being no other bidder over $5. If Ebay were on the side of the buyer rather than the seller, it would have automatically been a $5.10 offer.
Example of Ebay's system: