eBay and Craigslist finds

There should be a system where whoever wants it most pays more money. Each person could offer a certain amount of money and if the other person's "bid" is higher, you get a chance to offer a bit more.

You could keep doing this until a certain time limit and whoever had offered the most money by then "wins" the item.

Am I onto something here?

Yahoo auctions have this and it's shit