How do I setup a Ranked or Open auction?
What's the issue you're facing?
I would like to add a Ranked or Open auction to my event. How do I do this?
Solution
You will first need to follow the steps laid our here on how to create an event.
Then once you have added everything needed to your event to add a Ranked or Open auction, on the Settings tab of your event you will need to tick the option for 'Do you want to have an Online Auction?'.
You will then need to choose the default currency of the event. *Note that this will default to the currency you have selected within your profile.
If you would like to make your event a multi-currency event please take a look at this article on how to do this.
You now need to set the auction start date and time.
Now you need to select the bid directon. You can select Forwaard or Reverse.
You now need to choose the auction type. You have the option of Open, Ranked or Japanese.
Select the relevant option.
For Japanese auctions see details at the link below on how to configure this.
You now need to set the minimum duration of the auction.
Then you need to decide if you would like the auction to have a dynamic close period and for which suppliers it should apply to.
The Dynamic Close feature automatically resets the remaining time in the Online Negotiation Event if a bid is placed in the final number of minutes that you specify.
For example, if you specify Dynamic Close for the last 5 minutes, then if a bid is placed within the final 5 minutes, the countdown clock resets to 5 minutes remaining. The Dynamic Close will continue to reset the clock until no further bids are placed.
This feature is recommended for almost all Events that occur. The reason is that participants almost always require some breathing time to revise their offer. It also prevents sniping, which is the placement of a leading bid in the final few seconds. Sniping will only upset other participants as they may wish to respond but without Dynamic Close would be unable to do so.
You will then need to select what your 'bid change as a percentage' will be and by how much you would like the bids to change by.
You will then need to choose the Tied Bid Options.
This option is used to create different outcomes for the rank if two or more participants submit the same bid.
- Equal worst position - The participants will be placed into the equal worst position on submission of the same bid. For example, if the two leading participants both submit the same bid, they will each be given a position of 2, so they will both know that they need to improve.
- Equal best position - The participants will be placed into the equal best position on submission of the same bid. For example, if the two leading participants both submit the same bid, they will each be given a position of 1. This is technically correct although it might not encourage further bidding.
- Separated by timestamp - The participants will be given different ranks on submission of the same bid based on the time their bid was received by the Market Dojo server. For example if Participant A submits a leading bid at 10:40 am and Participant B submits the same leading bid at 10:41 am then Participant A will be given the rank of 1 and Participant B the rank of 2.
Once you have everything set as you would like you can press the Save and go to Next Step button in the bottom right hand corner to continue setting up your event.
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