[cards] Auction Priority

by **Corindia** » Tue Jan 01, 2019 9:42 pm

I have a question about the auction system. When two bids are the same, the first one is considered more attractive by the system (at least I think). If this is the case, why does the auction system make the first bid match with the higher (later) sale price? Is there something I am missing here? Are there advantages to having the later identical bid?

by **Corindia** » Tue Jan 01, 2019 10:01 pm

that must be it, I guess it's just more obvious when the bids aren't ostensibly the same. I assumed that if there were two equal bids, they would just be matched by time, first bid going with first ask and so on

oh the reply was deleted

by **Borovan3** » Tue Jan 01, 2019 10:06 pm

ok ill repost what i had

villita offered highest sell price for you which had higher availability to pay since you came first getting you matched, while fris had less availability to pay matching him with the lower selling price.

in a market system naturally buyers want lowest price and sellers highest but the priority of serving will go to buyers who can pay the highest while the seller asks the lowest price.

what im guessing but...

in real life if someone was first in line and paid a same price for an orange and someone sell it for $1, while another was in line and was willing to pay a same price and a second seller would be willing to sell it for $2 instead, the second person should be paying $2 rather than $1.

by **Corindia** » Tue Jan 01, 2019 10:19 pm

yeah but at least it matches the auction description in the faq.
only real mystery left is why 1 minute wasn't added when the matches changed right at the end, which is ultimately trivial

by **[violet]** » Wed Jan 02, 2019 4:01 pm

Corindia wrote:Are there advantages to having the later identical bid?

Yes:

[violet] wrote:Oh, and on the same-price tiebreaking: The columns are sorted in order of "attractiveness" -- bids are sorted from least attractive (lowest) to most attractive (highest), while asks are sorted from most attractive (lowest) to least attractive (highest). When two offers share the same price, the earlier-placed offer is more attractive, which means it'll always match first.

So later-placed offers can never bump earlier-placed identically-priced offers out of a sale. But if they can match as well, they will be at least if not more profitable, because less attractive offers get the better matches. That is, ideally you always want to be the offer that is the least attractive while still matching -- the lowest bid, or the highest ask. The problem, of course, is that the least attractive offers are the first to get unmatched if someone else lodges a more attractive one.

by **[violet]** » Wed Jan 02, 2019 4:14 pm

Corindia wrote:only real mystery left is why 1 minute wasn't added when the matches changed right at the end, which is ultimately trivial

I installed some logging to catch this kind of thing but it seems like it wasn't working. Please report any future instances so I can investigate.

[cards] Auction Priority

[cards] Auction Priority

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