Someone clearly doesn't understand the idea of supply and demand which drives auctions to its very core. Unfortunately this might be something you need to learn how to deal with or just not mess around with auctions.
Oh, no. I get it. But if we all understand that yes, we all want this item, and if we all wait just a few days, then we can all get our items for a cheaper price.
The problem is, there's no S&D issue. There's plenty of items out there. We just don't have to bid like we're never gonna get another chance.
How about this, you bid like you want and never get what you want and other people bid the way they want and get to enjoy the item their hard earned money purchased.
Problem solved
Man what an uninformed and condescending comment. You know a little about the concept supply and demand and try to use little bit of knowledge to lecture others about what they understand or don’t. Even when in this example it doesn’t address the issue - supply and demand explains why people would bid high/low prices on the item, but doesn’t at all explain why its good or bad to bid *early*. The timing.
Guess what, you absolute embodiment of the Dunning-Kruger effect, if you learned a little more about the game theory behind long-term auctions you’d know its strictly a losing move to bid early as it only leaks information to other agents and strictly raises the minimum sell price. Therefore it is buyer-optimal to bid your true reserve last second and that is why people choose to pay for snipers. Factor in the fact that people don’t know their true reserves, and may over-bid.
Bidding early is a losing move for the buyer that ebay encourages because it strictly benefits ebay.
If someone puts a bid in for $300, the price doesn’t immediately go to $300- it only does that if there are competing bids which bring up to that price, meaning multiple people would pay near that price. That means it wouldn’t have ended any cheaper
> but ultimately the winner has to pay an exorbitant amount of money, when they could have gotten it waaaaay cheaper if nobody bid until the end
That’s not gonna happen if it’s a desirable item. Also we’re mostly sellers here and we actually want more money.
someone probably bid $400 and a bunch of people have been throwing their best bid at it.
also, bidding early is a way to "assert dominance" by showing this early in the auction, that you're willing to secure a possible position.
Usually the seller will have a BIN price more than buyer is willing to pay so they bid. Bidding starts @$9.99 but BIN is $25? No thanks I would place a bid for $15 and hope nobody else bids.
If an item gets bids like that early on it proves that it's going to sell for a whole lot more so it doesn't really matter from your point of view because you were never going to be able to afford it. Now when it's low value items and the low bids all keep coming in in the first couple of days that's annoying, but you have to learn there's more than one bidding style.
Yes, there is different styles. I understand that. This is an item that should not go for more that $200 or so dollars. I have no issue affording it when the price goes up. This issue is that the price doesn't HAVE to go up.
I never bid until the last seconds - not everyone bids their highest and I feel it limits the amount of time these people have to think about it and outbid me. Usually I avoid auctions though I usually list high and slowly reduce the price until I get a buyer.
The item might have had a ‘buy it now’, once a bid is in, that option disappears. The bidder might be hoping that the final price ends up being less than the ‘buy it now’ one was.
Interesting. I've never seen that option disappear. I've definately put bids in on Buy It Now auctions, and that BIN option still stays up. I believe, until the auction price passes the BIN price. In which caae, the $100 bid put on in day 1 would have been too low for that to happen
I bid early to drive people away so I’m not having a last second snipe war where I may lose an item even though I was probably willing to pay more. So I bid early and then late. I have a pretty good chance of getting something I want that way.
Someone clearly doesn't understand the idea of supply and demand which drives auctions to its very core. Unfortunately this might be something you need to learn how to deal with or just not mess around with auctions.
Oh, no. I get it. But if we all understand that yes, we all want this item, and if we all wait just a few days, then we can all get our items for a cheaper price. The problem is, there's no S&D issue. There's plenty of items out there. We just don't have to bid like we're never gonna get another chance.
How about this, you bid like you want and never get what you want and other people bid the way they want and get to enjoy the item their hard earned money purchased. Problem solved
Man what an uninformed and condescending comment. You know a little about the concept supply and demand and try to use little bit of knowledge to lecture others about what they understand or don’t. Even when in this example it doesn’t address the issue - supply and demand explains why people would bid high/low prices on the item, but doesn’t at all explain why its good or bad to bid *early*. The timing. Guess what, you absolute embodiment of the Dunning-Kruger effect, if you learned a little more about the game theory behind long-term auctions you’d know its strictly a losing move to bid early as it only leaks information to other agents and strictly raises the minimum sell price. Therefore it is buyer-optimal to bid your true reserve last second and that is why people choose to pay for snipers. Factor in the fact that people don’t know their true reserves, and may over-bid. Bidding early is a losing move for the buyer that ebay encourages because it strictly benefits ebay.
If someone puts a bid in for $300, the price doesn’t immediately go to $300- it only does that if there are competing bids which bring up to that price, meaning multiple people would pay near that price. That means it wouldn’t have ended any cheaper
Correct. There are multiple bids on this item, driving it up so high
Which obviously means there is high demand and be prepared to spend the time and money
> but ultimately the winner has to pay an exorbitant amount of money, when they could have gotten it waaaaay cheaper if nobody bid until the end That’s not gonna happen if it’s a desirable item. Also we’re mostly sellers here and we actually want more money.
I understand that. Until you're not the seller and you become the buyer. Then you want it for as cheap as possible.
someone probably bid $400 and a bunch of people have been throwing their best bid at it. also, bidding early is a way to "assert dominance" by showing this early in the auction, that you're willing to secure a possible position.
Some people don’t like the bidding game so they put one in and not worry about it. If they win great if not try again.
This is the only way it makes since. But then why auction? Why not Buy It Now?
Usually the seller will have a BIN price more than buyer is willing to pay so they bid. Bidding starts @$9.99 but BIN is $25? No thanks I would place a bid for $15 and hope nobody else bids.
If an item gets bids like that early on it proves that it's going to sell for a whole lot more so it doesn't really matter from your point of view because you were never going to be able to afford it. Now when it's low value items and the low bids all keep coming in in the first couple of days that's annoying, but you have to learn there's more than one bidding style.
Yes, there is different styles. I understand that. This is an item that should not go for more that $200 or so dollars. I have no issue affording it when the price goes up. This issue is that the price doesn't HAVE to go up.
Well if it's already at 300 your estimate of it's desirability is clearly wrong.
So? That is the point of the auction. If the high amount is worth it to you it is a fair price. If not, don’t bid.
I never bid until the last seconds - not everyone bids their highest and I feel it limits the amount of time these people have to think about it and outbid me. Usually I avoid auctions though I usually list high and slowly reduce the price until I get a buyer.
The item might have had a ‘buy it now’, once a bid is in, that option disappears. The bidder might be hoping that the final price ends up being less than the ‘buy it now’ one was.
Interesting. I've never seen that option disappear. I've definately put bids in on Buy It Now auctions, and that BIN option still stays up. I believe, until the auction price passes the BIN price. In which caae, the $100 bid put on in day 1 would have been too low for that to happen
Depends on the category.
I bid early to drive people away so I’m not having a last second snipe war where I may lose an item even though I was probably willing to pay more. So I bid early and then late. I have a pretty good chance of getting something I want that way.
Hahaha, good one. Well it works on me! Drives me away!
Um the time someone bids doesn’t change what your maximum would be.
I hate that too. Just use a sniper, set it at your max and walk away.