What are tied bid options and how do I set these up?

What are tied bid options and how do I set these up?

What is the issue you're facing?

I need to setup tied bid options. What are these?

Solution

This option is used to create different outcomes for the rank if two or more participants submit the same bid. There are 3 options to choose from. They are: 

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.

How to set these options
At the verry bottom of the Settings page you will see a drop down where you can select the appropriate option for your event.

    • Related Articles

    • What is the bid direction in an auction and how do I set this up?

      What is the issue you're facing? I need to set the bid direction of my auction. Which setting should I use? Solution When setting the bid direction of your auction you can use the following settings: Forward: A Forward Event is one where the bidding ...

    • What are the minimum and maximum bid change settings for and how do I set these up?

      What is the issue you're facing? I need to setup a minumum and maximum bid change. What are these for and how do I set these up? Solution Minimum Bid Change This is the smallest percentage price change that a participant can submit per bid in the ...

    • What are the additional options next to the Event Name and Brief and how do I set these?

      What is the issue you're facing? I have some additional options to the right of the event brief. What are these? Solution If you company has setup custom fields, you may see additional options to the right of the event brief when you are creating an ...

    • How to set a deadline for an RFQ

      What's the issue you're facing? I am creating an RFQ and need to set a deadline. How do I do this? Solution In order to set a deadline for your RFQ create it as you normally would on the Event Settings tab, then In the RFQ section under the Bid ...

    • How to set the currency of an RFQ or Auction

      What is the issue you're facing? I am creating an RFQ and need to set the correct currency. How can I do this? Solution When creating your event create your RFQ or Auction as normal and you will see an option for the currency you would like your ...