New auction format thwarts bid snipers, ensures fair online bidding!
The article suggests a new way to stop bid sniping in online auctions. Bid sniping is when someone waits until the last second to bid and win, making it hard for others to react and lowering the final price. The new method adds a random time extension if new bids come in at the end, making it risky to wait. This makes bidders more likely to bid their true value early on. The new format also limits how many extensions can happen to prevent the auction from going on forever. This helps sellers get a fair price and stops bid snipers from winning easily.