VIP Class Notes (Jacob) [W]

https://www.youtube.com/watch?v=-WLHr1_EVtQ&t=332s

https://www.youtube.com/watch?v=Yr_poW-KK1Q

https://www.youtube.com/watch?v=HZqUeWshwMs&t=366s

https://www.youtube.com/watch?v=iBMfg4WkKL8&t=643s

Write about what the lecture talks about (key points).

Vocabulary

Outed – to be removed because of a problem and replaced (secret/problem is revealed)

Scribbles – to draw something that has no meaning

inevitable – impossible to stop

onomatopoeia – a word that is spelt like its sound

Grammar

20 million (no ‘s’)

Pronunciation

Second Hand (no extra ‘ed’)

Original 

The plate license auction system in SH
Before explaining this auction system I must show my highest respect to the designer of the plate license auction system in SH. It’s the best and most delicate system or policy designed by Chinese I’v heard of! It’s a proof that Chinese people are clever enough to design a complicated but practical system to deal with a complicated situation as long as they are authorized to do so.
SH found the quantity of vehicles had increased so fast, and the total number must be limited, so SH started plate license auction very early in 1986. For many years the bidders with highest bid won the plate. People criticized that the plate auction became the rich’s game and vehicles became the rich’s priority. To respond this criticism a technical barren was set in the auction: the standard bid price would be calculated by the bids in real time. The bid price must be in a small range around the standard price to be effective bid. This measure closed the door or some rich men who just bid a very high price in the beginning and wait for their plate after the bidding. They need to make an offer price in the right range and in the right time. It stopped the trend of price increasing. But another industry appeared to meet the need of the bidders— plate agent. They have equipment advantage which could guarantee they could offer their price at anytime. So they could watch the price changing and bid a proper price in the last second. Citizens could hardly bid in the last second due to the equipment and the colossal amount of plate agents. So people protested again for the plate auction became a game of the agents. Then the system was outed again.
This time a bidder needs to bid a price between the real time average bid price and 300 yuan more, and has only 2 times to bid which means he can’t bid all the time and must choose the bid timing seriously. In fact, the real time average price changes greatly in the last 15 seconds due to huge amount of bids, so it’s impossible to bid effectively before the last 3 seconds. Experienced bidders try to submit their bids in the last 3 seconds. The amount of bids in the last 3 seconds are so gigantic like hundreds of thousands of submits in a second, thus only a part of the bids can be succefully submitted. And most of the effective bids will fail for they are not in the first group in timing and not as close to the average effective bid price as others.
To draw a conclusion of the current plate auction system: if you are rich, it doesn’t help for your very high bid won’t have the opportunity to be submitted. If you are an agent with a high speed equipment, it doesn’t help a lot for so many bids rush in in a short time, even a quick equipment can’t guarantee you can submit successfully and you still need to make a good guess to be sure it is in a real time-changing-price-range. Now the rich also need to bid with patience, the agents declined their quotation, other bidders are satisfied with the system-although he doesn’t know when he can bid a plate, at least it is a fair auction system, isn’t it?

Edited

The  license plate auction system in SH
Before explaining this auction system I must show my highest respect to the designer of the license plate auction system in SH. It’s the best and most well crafted system and policy designed by Chinese that I’ve ever heard of! It’s a proof that Chinese people are clever enough to design a complicated but practical system to deal with a complicated situation as long as they are authorized to do so.
SH found the quantity of vehicles had increased so fast, and the total number must be limited, so SH started plate license auction very early in 1986. For many years the bidders with highest bid won the plate. People criticized that the plate auction became the rich person’s game and vehicles became the rich peoples privilege. To respond to this criticism a technical barrier was set in the auction: the standard bid price would be calculated by the bids in real time. The bid price must be in a small range around the standard price to be an effective bid. This measure closed the door on some rich men who just bidded a very high price in the beginning and waited for their plate after the bidding. They need to make an price offer in the right range and in the right time. It stopped the trend of price increases. But another industry appeared to meet the need of the bidders— plate agent. They have an equipment advantage which would guarantee they could offer their price at anytime. So they could watch the price changes and bid a proper appropriate price at the last second. Citizens could hardly bid in the last second due to the equipment and the colossal amount of plate agents. So people protested against the plate auction, because it became a game of the agents. Then the system was outed again.
This time a bidder needs to bid a price between the real time average bid price and 300 yuan more, and has only 2 times to bid which means he can’t bid all the time and must choose the bid timing seriously. In fact, the real time average price changes greatly in the last 15 seconds due to huge amount of bids, so it’s impossible to bid effectively before the last 3 seconds. Experienced bidders try to submit their bids in the last 3 seconds. The amount of bids in the last 3 seconds are is so gigantic, like hundreds of thousands of submits bids/entries in a second, thus only a part of the bids can be successfully submitted. And  Most of the effective bids will fail for they are not in the first group’s in timing and not as close to the average effective bid price as others.
To draw a conclusion of the current plate auction system: if you are rich, it doesn’t help for your very high bid won’t have the opportunity to be submitted. If you are an agent with a high speed equipment, it doesn’t help a lot for so many bids to rush in in a short time, even a quick equipment can’t guarantee you can submit it successfully and you still need to make a good guess to be sure it is in a real-time changing-price-range. Now the rich also need to bid with patience, the agents declined their quotation, other bidders are satisfied with the system-although he doesn’t know when he can win a bid for the plate, at least it is a fair auction system, isn’t it?