[blml] The new L27C2

[Robin Barker]

Robert Geller writes:
> The point I'm trying to get at is that L27C implicitly assumes
> we can know "what would have been shown by the insufficient 
> bid."   But is this really a well-defined concept?  It seems
> to be this can be highly variable (and not rigorously definable), 
> as it depends on how much of the auction the IB-er overlooked. 

This was in issue for the old laws, how to determine if an IB
was conventional.  We don't know in what circumstances in the IB
was made, and only some of those circumstances would make the IB
conventional.

Robin

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