Different Auction Institutions. English Auction– begin with lowest acceptable price and solicit higher bids until no more increases– then item is “sold.” Dutch Auction – auctioneer begins by asking a high price and gradually lowers the price until some bidder shouts “mine”.
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E(Profit|Bid) = Prob(Win|Bid)*(Value – Bid)
The sixteen-count indictment charges ___ of Placerville, California; ___ of Sacramento, California; and ___ of Lakewood, Colorado, with wire fraud and mail fraud for making the fraudulent bids, also known as "shill bids." The fraud counts each carry a sentence of up to five years in prison and a $250,000 fine.
According to Assistant U.S. Attorneys, the Indictment alleges that the defendants created more than 40 User IDs on eBay using false registration information, and then used those aliases to place fraudulent bids to artificially inflate the prices of literally hundreds of paintings they auctioned on eBay from November 1998 to June 2000.According to the Indictment, the defendants shielded their true identities from eBay by providing bogus names, postal addresses, and telephone information, and by providing e-mail addresses obtained from free e-mail providers known to collect little or no verifiable information on their account holders. By creating multiple User IDs, the defendants intended to trick other eBay users into believing that the "shill" bids they placed on each other’s items were legitimate.
“I do most of my work for a few builders that I have known for years. My estimates of what it will cost to do a job for one of them come out about right. Sometimes a little high, sometimes a little low, but about right overall. Occasionally, when business is slow, I bid on a big job for another builder, but those jobs are different: They always run more than I expect.”