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Cambrian House began as a crowdsourcing community using a wisdom of crowds based approach to discover new business and technology ideas. These pages are being kept online as a technology demo to showcase Chaordix™.

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Fair Price Auction

DennisJ
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  • Submitted by: DennisJ
  • Created: Jul 13, 2006, 2:30 pm
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Not freeish. Not freesque. It's free!

The Idea

Its an online auction where the final price is determined from the mean of all the bids. Bids are kept secret until the auction closes. The bidder(s) closest to the final price are offered the opportunity to purchase at that price. Vendors may also opt to extend the same offer to more bidders. The benefit for the vendor is that they will get a large number of bids at or near the mean, from bidders who think the item really is worth that much - as opposed to a small number of extremely high or low bids. This brings in an economy of scale. The bidders get the chance to offer a fair price, and so the bidding process will seem more like a game of skill than a lottery.

I thought of this idea when I was...

Just thinking about ebay


Comments Posted

Jim_DesRoches
Jim_DesRoches Posted: July 17, 2006, 10:40 pm

The only thing that might be tough is getting people to sell their product. People sell products with the sole intent of getting cash, if it's a secret bid, people are going to bid low. Good idea though.

techknow
techknow Posted: July 28, 2006, 12:01 pm

Dear DennisJ,

Not a bad idea as far as fairness, but I agree people are looking to make money and not necessarily interested in looking for the fairest bid. There is also a potentail manipulation risk.

techknow

 

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