Auctioneer looking for Alpha and Beta

Mike Brandly, Auctioneer Blog

A somewhat philosophical and mathematical observation about auctions.  Let’s start with a few premises:

  • We are considering the selling at auction of one (1) item
  • By definition, Alpha is a bidder willing to pay more than anyone else, anywhere, for this one item. Beta is the runner-up bidder, willing to pay more than anyone else, anywhere, except for Alpha
  • Anytime an auctioneer is selling 1 item, or any item, the last two bidders are the only two bidders needed — as they are, by definition, the final bidder and the bidder just before. If they are Alpha and Beta, no other bidders, anywhere, would be needed
  • If there are other bidders present, such as Theta, Gamma, Delta, Omicron, etc., they really are unnecessary, as Alpha and Beta want this item more than any of them do
  • No matter if we had just Alpha and Beta, or Alpha and Beta and…

View original post 1,090 more words

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