How to place a Maximum Bid (or automatic maximum bidding)

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  • Hikaauction Standard Hikamarket Multivendor Hikashop Business
7 hours 32 minutes ago #370597

-- HikaShop version -- : 6.3.0
-- HikaAuction version -- : 5.0.1
-- Joomla version -- : 6
-- PHP version -- : 8.4

I guess this is not possible yet in Hikaauction, let me know if I am wrong please Team

On an auction, users should be able to enter a maximum bid and Hikaauction should treat it as a secret instruction. Hikaauction will only use as much of the maximum bid as necessary to make the highest bidder.


Let's say I am bidding on an auction with a starting price of €10, and the auction platform uses €1 bid increments.

I place my bid: I decide I am willing to pay up to €50. I enter €50 as your maximum bid.

The current price: Since nobody else has bid yet, Hikaauction places a bid on my behalf for the minimum amount required: €10.
I am now the highest bidder at €10 (even though my maximum bid is €50)

Another buyer comes along and bids €15.

Hikaauction immediately counters on my behalf, bidding €16 (the competitor's bid +1€ increment). I am winning again at €16 etc....

This automatic back-and-forth continues until the bidding surpasses my €50 limit. If a competitor bids €55, they become the highest bidder, and I am out of the running (unless I decide to submit a new, higher maximum bid)

Kindly let us know
Thank you

Last edit: 5 hours 33 minutes ago by lucad.

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6 hours 52 minutes ago #370598

Hi,

Actually, this is already possible with HikaAuction when using the Vickrey auction mode (which is the default mode).

In Vickrey mode, the system works exactly like eBay's automatic bidding:
- You enter your maximum bid amount (for example $50)
- The displayed "winning price" is only the second-highest bid + the bid increment, not your actual bid
- If someone bids $20 against your $50 maximum (with a $1 increment), you stay winning at $21 — the system automatically "counter-bids" for you
- You only get outbid if someone places a bid higher than your maximum

So using your example: if the starting price is $10 with a $1 increment and you bid $50, the winning price would show $10. If another user bids $15, the winning price would automatically go up to $16 and you'd still be winning. The other bidder would need to bid more than $50 to outbid you.

You can configure the auction mode in the HikaAuction configuration page (Components > HikaAuction > Configuration > Main tab > Auction mode). Make sure "Vickrey auctions" is selected.

The following user(s) said Thank You: lucad

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  • Posts: 49
  • Thank you received: 2
  • Hikaauction Standard Hikamarket Multivendor Hikashop Business
2 hours 24 minutes ago #370603

That is absolutely great Nicolas, did not notice the Vickrey before!

But allow me to make 2 crucial points please:

1) very important: auctioneer should be aware of what kind of bid he is placing
see video: drive.google.com/file/d/1LBrdlczdpDJQHJj...ITd/view?usp=sharing

2) less important but still valid point: maximum bid should be kept hidden
see video: drive.google.com/file/d/1I3X0w1U0PQVycMg...vZT/view?usp=sharing

Thank you again for your support

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