Re:We picked the wrong lawyers for our first startup
by ronaldx on Thursday May 29, 2014 @07:13PM
(#7819201)
IMHO your way is better because the bids will be more genuine.
The parent way can be gamed: the loser may benefit from deliberately bidding a bit higher than they would otherwise to force the winner to pay more.
(Although you can argue this both ways, and auction theory does, I feel like this quirk could create animosity)
That's a nice twist. I used 'person that quotes highest buys out the other parties at that price', but yours is even better I think. Thanks!