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#1 2014-03-14 23:20:22
- shlam16
- Member
- Registered: 2014-03-14
- Posts: 93
Auction mechanism
I was wondering if anybody knows what the mathematical formula for the decreasing prices in the auction house is? I would enjoy being able to budget for paintings that I like by making an equation in excel and being able to figure out exactly how long it will take to be affordable.
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#2 2014-03-14 23:24:33
- Lord0fHam
- Member
- From: California
- Registered: 2014-02-11
- Posts: 487
Re: Auction mechanism
it appears to be exponential decay. if you somehow get prices at EXACT times and give two of them to me, i can give you the equation.
It's a trap!
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#3 2014-03-15 00:22:37
- shlam16
- Member
- Registered: 2014-03-14
- Posts: 93
Re: Auction mechanism
Here you go:
5:36PM - $30369 $52973 $81932
1 update
5:39PM - $30601 $52820 $81695
2 updates
5:45PM - $30425 $52516 $81225
4 updates
5:57PM - $30075 $51912 $80292
8 updates
6:21PM - $29388 $50727 $78458
I chose three paintings at three different prices which is what each column represents.
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#4 2014-03-15 00:55:15
- Lord0fHam
- Member
- From: California
- Registered: 2014-02-11
- Posts: 487
Re: Auction mechanism
The equation is y=100,000(.9971160423)^x. All you need to do is put in the number of updates since 100k for x and solve. any calculator will work. For example, if you want to know the price of a painting 30min after it hits the market (10 updates), just do y=100,000(.9971160423)^10. The answer is $97,153. Your first number for the painting in the far right list ($81932) as 69 updates in, or 3 hours 27 minutes. If you plug in 69 to the equation, you get $81932.99779, or $81932. I am not an expert but I believe the equation to be correct. Don't bet your life on it though. By the way, you can also put in the dollar amount for y and solve for x using loagarithms, if you want to see how many updates it has been. Over the course of many updates, the equation becomes slightly inaccurate, but only by a couple dollars. If you don't know how to do this math and would like me to do some for you, just ask.
It's a trap!
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#5 2014-03-15 04:47:41
- shlam16
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- Registered: 2014-03-14
- Posts: 93
Re: Auction mechanism
Thank you for your very helpful reply.
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