A solution to fix stuck ge prices

[ghjkl]

Just a quick idea, instead of making ge updates based on completed transactions, make them based

on offers aswell. I don't know how much offer prices should be taken into account, but they should have an impact on making prices rise.

Example:

Everybody wants a yellow phat but no one will sell for ge price. Everyone puts offers in for max and ge price rises until people will sell it.

Air talismans have just been dumped. No one will buy them for 10k, but sllers put in offers to sell for min. Eventually ge prices lower until buyers will buy.

 

This new system will allow prices to reflect an item's true valued outside of the 5% range of ge prices if enough offers are put in.

[Aiel]

people have been screaming this sense the beginning..too bad jagex just doesnt listen.

[Bladewing]

I would alch a godsword to get this in the game.

[quelmotz]

This is pretty much the most obvious solution to fix the GE. No need for long-winded posts and complicated solutions.

 

Sometimes the simplest, most obvious solutions are overlooked. And in some cases, they are the best ones.

[Raee]

What happens if we have someone like Player 'W' and Player 'Z'

 

Example A

Players Z and W sell each other partyhats at medium price.

Player W puts Yellow Partyhat for min in the Grand Exchange, taking it out every 3.5 hours to trade with Player Z

Player Z puts Yellow Partyhat for min in the Grand Exchange, taking it out every 3.5 hours to trade with Player W

 

Now lets pretend Player Z represents 30 people in one merchant clan, and Player W represents another 30 people in that same merchant clan, while the entire partyhat market consists of say, 100 people (Just an example, all numbers are completely random)

 

Would this not cause the 'sensation' that the yellow partyhat is crashing, while people cannot buy it at max?

 

Example B

Players Z and W sell each other mint cakes at medium price.

Player W puts an offer for 10,000 mint cakes at max in the Grand Exchange, taking it out every 3.5 hours to trade a mint cake to player Z

Player Z puts an offer for 10,000 mint cakes at max in the Grand Exchange, taking it out every 3.5 hours to trade a mint cake to player W

 

Now lets pretend Player Z represents 30 people in one merchant clan, and Player W represents another 30 people in that same merchant clan, while the entire partyhat market consists of say, 100 people (Just an example, all numbers are completely random)

 

Would this not cause the 'sensation' that the mint cakes are rising, while people cannot sell it for the minumum price?

 

Now this isn't to say someone would do something like this, but that it has the possiblitiy to be abused just as the current system is.

[ghjkl]

Well they could just make it so that offers only count when they are eligible. ( offers that can not be completed because of being bought within 4 hours will not count).

[Master_Smither]

They actually tried this once awhile ago and it caused many bought out items to drop. I don't know if anyone remembers when partyhats randomly lost GE value suddenly over the course of a few days or not. But that is when they tried it and it was abused heavily.

 

Sorry man, bad idea.

[ghjkl]

No that was when the people that quit and had their phats in min in ge sold them, at least I think.

[PraetorDei]

Just a quick idea, instead of making ge updates based on completed transactions, make them based

on offers aswell. I don't know how much offer prices should be taken into account, but they should have an impact on making prices rise.

Example:

Everybody wants a yellow phat but no one will sell for ge price. Everyone puts offers in for max and ge price rises until people will sell it.

Air talismans have just been dumped. No one will buy them for 10k, but sllers put in offers to sell for min. Eventually ge prices lower until buyers will buy.

 

This new system will allow prices to reflect an item's true valued outside of the 5% range of ge prices if enough offers are put in.

 

The real world solution is known as the "Dutch auction". Look it up online to see how it works. It does work. It is used in the world of business.

There are 3 well known auction types: English auction, Dutch auction, and First Price auction.

English auction is the one most are probably familiar with -- the bidders bid up the price until "going, going, gone".

Dutch auction is seller gradually lowers price until finally someone takes it.

First Price auction is sealed bids submitted and at a set time, all opened and the highest one takes it. Often for a First Price auction there is a minimum price registered with the auctioneer, if that price is not met then the highest bid does not get it, but the offer is withdrawn.

 

In the context of Runescape, the Dutch auction should work easily. This would be a supplement to the current GE. Since it is a supplement, it will not impact GE prices. Thus merchant clans cannot manipulate prices.

 

If on the other hand it is desirable for the GE to be updated, implement a sliding 90 window with a minimum number of item sales for a given item type (means that the GE can look at the past 90 days of Dutch auction sales for any given item type and if a minimum number of items of that type were sold in the past 90 days, the GE could sum up the sales and divide by the number of sales and take that as the current average price for that item.)

 

There is free Dutch auction software out there I am sure -- or Jagex could write some it is not that tough. It is pretty basic after all.

[Skeptical]

I would alch a godsword to get this in the game.

 

I lol'd.

 

:thumbsup:

[jettrider]

I know I'm bumping this, but:

 

What happens if we have someone like Player 'W' and Player 'Z'

 

Example A

Players Z and W sell each other partyhats at medium price.

Player W puts Yellow Partyhat for min in the Grand Exchange, taking it out every 3.5 hours to trade with Player Z

Player Z puts Yellow Partyhat for min in the Grand Exchange, taking it out every 3.5 hours to trade with Player W

 

Now lets pretend Player Z represents 30 people in one merchant clan, and Player W represents another 30 people in that same merchant clan, while the entire partyhat market consists of say, 100 people (Just an example, all numbers are completely random)

 

Would this not cause the 'sensation' that the yellow partyhat is crashing, while people cannot buy it at max?

 

Example B

Players Z and W sell each other mint cakes at medium price.

Player W puts an offer for 10,000 mint cakes at max in the Grand Exchange, taking it out every 3.5 hours to trade a mint cake to player Z

Player Z puts an offer for 10,000 mint cakes at max in the Grand Exchange, taking it out every 3.5 hours to trade a mint cake to player W

 

Now lets pretend Player Z represents 30 people in one merchant clan, and Player W represents another 30 people in that same merchant clan, while the entire partyhat market consists of say, 100 people (Just an example, all numbers are completely random)

 

Would this not cause the 'sensation' that the mint cakes are rising, while people cannot sell it for the minumum price?

 

Now this isn't to say someone would do something like this, but that it has the possiblitiy to be abused just as the current system is.

 

That's why such a system would only count legitimate offers, offers that have the potential to be filled (the buyer/seller is not on the 4 hour limit).

 

 

They actually tried this once awhile ago and it caused many bought out items to drop. I don't know if anyone remembers when partyhats randomly lost GE value suddenly over the course of a few days or not. But that is when they tried it and it was abused heavily.

 

Sorry man, bad idea.

 

Implementing the change I stated above would solve all abuse problems. And during the latest partyhat crash (many months ago, yes, but I remember), they were actually buyable for min in the GE because they were crashing.

 

 

And for concerns about RWT (selling an item for med price then putting in offers for max): it already happens. RWT sell high street-priced items (easter eggs, pumpkins) for their trade price after the buyer pays them real money. Putting a system like this in place would not create a problem, it already exists and RuneScape runs fine even with it.