Consider a model where bidders are competing for items in an auction. Bidders have to decide how to allocate their budgets across all the items in which they want to bid. The winner for each item is determined stochastically. In other words, each item contest is a lottery where a higher wager means a higher chance to win. The format listed below would increase funding significantly for touring or “one stop” tournaments.
The “Equal Distribution” Silent Auction Format involves placing the names of all the entrants on display, each with its own box or bucket. Bidders buy tickets, look at each of the entrants and then deposit their ticket/tickets in the bucket of the entrant on which they want to bid. A bidder can place as many tickets as he/she wants in a particular entrants bucket to increase their chances of winning that particular entrant. After 1 hour the silent auction is over and a tournament director randomly picks a ticket from the bucket, and the owner of that ticket is the winner of that entrant. Bidders who did not win do not get their tickets back. Tickets would be priced at $5 each or 25 for $100.
A Secondary calcutta would be conducted when it gets down to the final 16 players. 30% of the silent auction would be placed in the secondary calcutta payout. The secondary calcutta would be conducted with an auctioneer just the way they are today. This would give bidders who did not “win” in the silent auction a chance to still get their horse. 100% of both auctions should be paid out with no carry over to the next stop on the tour. This rule would be significant to the hometown bidder that never leaves their home room.
This calcutta format in collusion with the “Equal Distribution” tournament format would show huge benefits for players, tournament directors, room owners and the industry in general. We really need to look at the way tournaments are currently funded and make the necessary changes!
Your Thoughts?
JT
The “Equal Distribution” Silent Auction Format involves placing the names of all the entrants on display, each with its own box or bucket. Bidders buy tickets, look at each of the entrants and then deposit their ticket/tickets in the bucket of the entrant on which they want to bid. A bidder can place as many tickets as he/she wants in a particular entrants bucket to increase their chances of winning that particular entrant. After 1 hour the silent auction is over and a tournament director randomly picks a ticket from the bucket, and the owner of that ticket is the winner of that entrant. Bidders who did not win do not get their tickets back. Tickets would be priced at $5 each or 25 for $100.
A Secondary calcutta would be conducted when it gets down to the final 16 players. 30% of the silent auction would be placed in the secondary calcutta payout. The secondary calcutta would be conducted with an auctioneer just the way they are today. This would give bidders who did not “win” in the silent auction a chance to still get their horse. 100% of both auctions should be paid out with no carry over to the next stop on the tour. This rule would be significant to the hometown bidder that never leaves their home room.
This calcutta format in collusion with the “Equal Distribution” tournament format would show huge benefits for players, tournament directors, room owners and the industry in general. We really need to look at the way tournaments are currently funded and make the necessary changes!
Your Thoughts?
JT
