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I said I was in favor of an open auction.
Your article describes a closed bid auction.
The two are very different.
An open bid auction is where people bid repeatedly and the bids gets higher and higher until the final bid is reached. When such an auction is known in adnvance and open to anyone, and all bids are always known to everyone, then the final bid will be the true value of the item.
A closed bid means that each bidder only bids once, without knowing what anyone else is bidding. This encourages bidders to deliberaely underbid, hoping that he will be lucky enough to win. This is a terrible way to do things.
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