Lets say that we have an online auction where various known sellers and known buyers exchange product X. A seller will post product X and each seller will then bid in accordance with X and if they want it. The highest bidder would win X. Think of something like Ebay, though the auction I'm thinking of has a set number of known buyers and known sellers, and occurs in a must faster time period (1-2 minutes).
Obviously there is a lot of uncertainty which cannot be accounted for in a model that tries to predict the probability of winning as a buyer in such a scenario. However, I was wondering what were some of the theoretical and practical limitations in trying to use statistical models to predict outcomes in a online auction system as described above.
EDIT: I'm specifically thinking of a model which is trying to predict the likelihood of winning based on our bid as a buyer.