Fred, my personal opinion about second chance offers is that, when I'm the under-bidder, it was because of my bid that the seller got as high a price as they received. Had I not made my bid the seller would have gotten less, sometimes far less, and I should be rewarded for that. If not for my bid the seller wouldn't have received as much as they did.

It's because of that I feel 2nd chance offers should reflect more of what the under-bidder's bid was, "had it won", rather than having to pay the maximum amount of that bid. I hope that makes sense.

For me, that really seems more fair to the under-bidder, considering he/she was almost every bit as responsible for creating the winning price.

And when I've ever offered a 2nd chance offer to an under-bidder, I've always calculated what their winning bid would have been, had they not been out-bid, and offered the item to them at that price instead.