RE: Economics Contest 2024: Auction Results
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I think there were some problems with the contest and the answers. I was under the impression that the highest bid chosen will be the one closest to the value, or that our total points will be pitted against each other, with the best gain in each item as the winner.
What ended up happening was the highest bidder won and they all went over the value. The highest bids in 2,3,9,12 were extremely funny since they went over the maximum, and by a lot. I would have assumed those bids should have been voided.
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I don't see any problems with the contest. It involves two clear objectives. Outbid other participants. Bid below the value generated. Thus simulating an actual auction.
There is no rule stating that a participant cannot bid above the maximum. I do not support adding such a rule. For example, a participant could gain from winning two items and lose massively from bidding over the maximum on another. The participant should be penalised for making this mistake. If the bid was void, this participant would gain an unfair advantage.