G250 crystal

[Umuntu]

So far, yes. But what people do is wait until 1 min to go and then start bidding which then adds 10 mins, this can go on with people bidding at the last minute which then adds yet another 10mins for at least 50 mins, then once the last 10 mins have been added it'll close off randomly below 5. It's a PITA. Consequently the price can jump significantly and the winner bid is more luck than anything.

That's an appropriate game theory response to address sniping. It's obviously not eBay …

 

[buddhasummer]

I heard of that being done on some auction sites. Do they charge you per bid?

No, but as a seller you pay almost 20% of final selling price in fees, it's gangster.

 

[buddhasummer]

9.5% gets automatically deducted, which includes shipping fee and then your account gets billed a further 8% comsuntion tax including shipping. Selling expensive items gets costly. Due to people saying they never got the item, the auction site does not get involved in disputes at all, they will almost always only ship by courier which is more expensive generally than international shipping. The only thing you can do if you get scammed is post a negative review, you've lost your money.

 

[buddhasummer]

That's an appropriate game theory response to address sniping. It's obviously not eBay …

The big pain for me is most auctions are due to finish 10-11pm and if a bidding war starts it can drag on until midnight, I need sleep almost more than money.

 

[ams511]

That's an appropriate game theory response to address sniping. It's obviously not eBay …

I am sure if it is a game theory response but it is certainly a behavioral response. Studies have been done where they auction off currency (everyone should know the value of $20) using an odd set of rules and in the end people pay more than $20 to win $20. People get utility by winning the auction rather than from the item.

 

[buddhasummer]

Yes, fear of loss.

 

[Umuntu]

I am sure if it is a game theory response but it is certainly a behavioral response. Studies have been done where they auction off currency (everyone should know the value of $20) using an odd set of rules and in the end people pay more than $20 to win $20. People get utility by winning the auction rather than from the item.

As a price discovery procedure, a fixed time auction like eBay's is flawed as it deprives other bidders from responding to a snipe bid in the last 5 seconds. This means that the optimum eBay bid time is one which deprives other bidders from reacting to your bid.

Extending the closing time of the auction mimics a conventional auction as it allows other potential bidders to respond. It basically restarts the auctioneer's "going once, going twice …" countdown, which you would have in an auction room.

As a result of eBay's flawed auction mechanism, I only use software to place snipe bids in the last 5 seconds. Many other people do the same.

Game theory has wide applications to situations that are not apparent at first …

 

[ams511]

As a price discovery procedure, a fixed time auction like eBay's is flawed as it deprives other bidders from responding to a snipe bid in the last 5 seconds. This means that the optimum eBay bid time is one which deprives other bidders from reacting to your bid.

Extending the closing time of the auction mimics a conventional auction as it allows other potential bidders to respond. It basically restarts the auctioneer's "going once, going twice …" countdown, which you would have in an auction room.

As a result of eBay's flawed auction mechanism, I only use software to place snipe bids in the last 5 seconds. Many other people do the same.

Game theory has wide applications to situations that are not apparent at first …

eBay differs from a conventional auction in that you can bid a maximum price and win the auction below the maximum. This is different then a sealed bid auction where the buyer pays the price of the bid or a conventional auction with an auctioneer. Years ago I used to go to the state auto auctions and I would see almost identical cars go for widely differing prices because two people get into a bidding war. The Chinese really get into it.

If everyone is a rational player they would set their maximum bid equal to their utility from the item. If the item sells below the maximum the bidder is happy, if the item sells above the maximum then the bidder should be indifferent because the cost is greater than the utility. The twist is people are not rational and will bid to win and then suffer the "winners curse".

If something is listed cheap, I always bid on it early and watch the pricing dynamics. Also I want the seller to feel good that I will buy his item for a penny. I will set a snipe if I really want the item. What happens in eBay is that this scares the seller and they sometimes pull the item. I think I bid something like $10 for a Zeagle F8, I don't need another reg but what the heck as long as it is cheap. I figured it would go over $250 and I wouldn't get it but the seller pulled the item when it was under $100.

 

[lexvil]

eBay works fine if you are honest with yourself, bid the maximum you are willing to pay and be done with it.

 

[buddhasummer]

On our auction site once a bid has been made you can't pull the item. There is a way to set it up so that if your minimum acceptable amount, unknown to bidders, is not reached the item will not be sold and automatically re lists, this is not commonly used unless the item is very expensive. I guess people use it to feel out what they may or may not get for their item, to promote bidding or so they don't give the item away.