There is a signed edition of “The Firm” by John Grisham being auctioned. You have a signed collection of all his works, except this one. You are desperate to have it and are willing to pay up to $325 for it. At this point, though, the bidding is only $202.50.
What is your best strategy? Are you going to sit by your monitor, waiting and watching? Should you bid the $325 right now? Thanks to proxy bidding, you don’t have to do either. To win the book, all you must do is click “proxy bidding” below the minimum bid amount and enter your proxy bid of $325. The computer will bid for you. Whenever your arch-rival bids on your book, the computer will automatically bid the next accepted amount for you. And each time the computer bids for you, it notifies you via e-mail.
Don’t worry. Your maximum bid is a secret. When and if the price exceeds $325, the computer will not bid any longer.
