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User's Manual

Bidding | Selling | Definitions

Bidding   (back to top)

To bid on an item, you simply need to click on the hyperlink in the block containing your desired pricepoint. This will take you to a confirmation page, and after you confirm the bid, you'll own that price point. Other bidders can still bid on any other block, even the one you're on (although if there multiple bids in a block, the winner will be the first one on that space). All of the bidders are aggregated on the Leaderboard so you can see each other's current standing and placement.

You are allowed to change your bid at any time, even cancel it, if you wish.

Each time there is a change in the lead on the leaderboard, the new leader and the old leader will be notified via email.

Selling   (back to top)
To sell an item, click on the selling link on the left menu. Click on the Sell New link to bring up the form.

Fill out the form noting all of the comments and instructions listed on the right.

The Time Visible field coupled with the Delay field gives you control over when an item becomes visible and biddable, and it also allows you to set the time that it will be for sale at the initial asking price. After the delay expires, the Persense engine will begin it's systematic price reductions based on your schedule.

Pace
The pace of an item's price reduction is determined by the Price Step amount and the Time Step amount. Couple this with the Starting Price and Floor Price and Persense will calculate the bidding blocks accordingly. As a seller, you need to allow for enough time for the item to be visible, probably at least a day. However, if your item is a large one time sale like a home or car, you might consider a delay of a week or more.

Choose the pace of your item's price reduction schedule carefully. You want to encourage bidding, so having more price point options makes sense, but up to a point. Persense automatically limits the price steps to between 25% and 0.1% of the starting price.

When choosing your pace, you should also consider how quickly you desire to sell your item.

Examples
1) You have a Ford Taurus that you want to sell within 20 days. Your asking price is $5000, and you have an absolute floor of $3000. If you select a delay of 240 hours (10 days) and you choose a pace of $100/every 12 hours, your floor price will be reached on the 20th day of visiblity.
2) You have a home that you want to sell within 90 days. Your asking price is $200,000, and your absolute floor is $140,000. You might decide to delay the first price reduction for 30 days (672 hours) while you advertise your home and get the word out. After that, a pace of reduction of $1000/day will result in you reaching your absolute floor on the 90th day of visiblity, which would also be the 60th day of price reduction. A $500 every 12 hour pace will provide bidders twice as many price points in the same space of time. A $500/day pace will likewise provide twice as many price points as the $1000/day option, but the auction might take twice as long.

Definitions   (back to top)

Pace
The rate at which an item will reduce in price. A fast paced persense auction might have a 1% reduction occur every minute. A slower paced auction might have a 1% reduction occure every day or week.

BidBlock
Each auction has parameters that form finite price points. Each price point resides in its own BidBlock. These BidBlocks can appear on the BidCal, or the BidGrid. Each BidBlock will change color and/or style depending on whether the Block is past, current, or future, as well as whether the BidBlock is occupied by a bid. The Persense mechanization allows for multiple bidders to occupy the same block, but they are ranked according to the time the bid was placed in a FIFO manner.