- If the winning bet was made by two different users what happens? How do I determine the winner?
- Is there a particular way to choose the amount of the deposit? percentage of the starting price something similar?
Thank you in advance
Ruggiero Santo
Hey
- As stated here (Quora), you need to define a tie-breaking rule. An answer suggests who submitted the bid first;
- I imagine that the deposit should be defined by you, and maybe provide a clarification of your choice on the report. The deposit should be an amount high enough to discourage people from "cheating" (i.e. not open their envelope/bid in favour to someone else: in this case they do not receive their deposit back). You can imagine a couple of use cases where the deposit is higher / lower than the reserve price and evaluate which case is better: if none of them is a "better" one, choose a case and justify the pros/cons.
Hi,
I have another question about this kind of auction.
What happens if at the opening phase we find out that the bid is less than the reserve price? I've found 2 options:
- Nothing, the bidder will receive a complete refund, just like every losing bid.
- Treat this case as bad behaviour, refund the bid but only half of the deposit.
Since there is no specification in the assignment I assume that one of the above can be correct but I'm asking to be sure of this.
Hi,
Exactly, being no specification, I think there is no "correct" way to do.
I think that as long as you justify your choice it's good anyone.