Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!
@ryanwinn4951
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I believe you’re missing the whole point of this auction method from my perspective. You focus on that it’s a benefit to “discourage lowballing“. I don’t think that is the goal of this auction method at all. The whole point of this auction method is to uncover what people are truly willing to pay for that product. For instance, if there’s only two people that are going to bid on a product and one is willing and able to pay $15 for the product where the other person is only willing and able to do 10. With an open auction the first person would only bid $11 just high enough to outbid the other person. With this type of auction, both would be forced to put in their highest bid, which would be 10 and 15 not only would the person that paid 15 when the seller would actually win as well because he got the absolute highest price from the person, willing to pay the most.
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