This is what I hate about Ebay

[LynneSin]

I'm basically spending my next 30 minutes sitting on an auction of something I really really want but I know some asshole who outbid me once is waiting for the very last minute to steal this item from me.

:grr: I think there should be a 2 bid minimum!! Plus my meeting is postponed and I'm fearful the person I'm meeting with will decide to have it like 10 minutes before the auction ends

:grr:

[ronnykmarshall]

1. I had that happen.

I was the only bidder on this really cool phone for weeks. Then some asshole snapped it up at the last minute.

[LynneSin]

5. I know, I should have waited til the last minute

I was trying to find a Vinyl copy of this album and found an autographed copy of the CD complete with Certificate of Authenticity. And the price range is pretty reasonable. If the guy outbids me then it was a foolish purchase. I'm really not into the autographed memorabilia but it's a bad I've always liked and thought "Why Not"

[JVS]

2. Just bid the max you are willing to pay and it should ride

it's people who bid bit by bit who make it seem worthwhile for the "snipers" to com in at the last minute

[LynneSin]

3. I got about $15 cushion on where the bid is now

Although I really don't want to go much higher than that!

[JVS]

6. As a student of economics who did a course on auction theory...

the only way to go in auctions is honesty.

[LynzM]

10. Did you ever read about....

Hrm, now I can't remember what it's actually called.... where the second-highest bid is actually the price paid? That does some wild stuff to outcomes.

[LynneSin]

12. That's probably why this will be my last bid

maybe I'll throw $1-$2 above but I'm not going crazy. With shipping from Wales, I'm already in this thing for about $60.

[JVS]

13. That's what my term paper was about for experimental economics

Theoretically second price sealed bid auctions (the kind you are asking about) are revenue equivalent to the english auction where the price is bid up (like we usually see on TV).

First price sealed bid auctions (where the highest written bid is winner and pays that amount) are revenue equivalent to dutch auctions where the price is lowered from a high starting point until someone says "mine"

My paper layed out the design for an experiment to determine whether any particular auction format was more or less prone to causing "the winner's curse" in which people pay more for an item than it is actually worth.

[LynzM]

16. Interesting....

Do you have that published anywhere? It's one of those things I'm curious about, but not enough so to wade through a lot of papers I'd have to pay to read :)

And, did you ever run the experiment??

[jane_pippin]

4. oh man, the boyfriend just lost an auction by seconds...

He thought he was the asshole sitting there monitoring it. He even set an alarm so he'd know when to get back to his perch. With 45 seconds left he placed his bid, then some other enterprising asshole bid again.

Oh well. It happens. Good luck to you.

[LynneSin]

7. Thanks! I'm thinking if the guy goes for it and that's the way it is

I was on Ebay looking for a Vinyl copy of Dookie and found an autographed CD of it. I checked the guy's history (he's dealt with the stuff before) and he has a COA so I thought why not.

It was a splurge bid, I'll probably let it go if the other bidder goes in at the last minute!

[AlCzervik]

8. i had a similar experience with ebay, my daughter wanted "Pogs"

i had no idea what the hell they were but sure enough i found them on Ebay, the bidding process started and some asshole, probably your asshole out bid me by a $1 in the last minute. That was it for me and Ebay.

[LynneSin]

9. Oh I remember when Pogs were really big

I would by them all the time for my nephews - they loved them

[AlCzervik]

11. i finally got her some from some nice Canadian.

[dryan]

14. Love ebay....

but not all the sellers. I was a victim of ID theft and I am very gun shy about using credit cards.

[Bridget Burke]

15. What I hate about eBay is the auctions I win.

I never bid on expensive stuff, but things can add up fast.

[LynneSin]

17. Well, I'm out $60 for something I really wasn't looking for

but at that exact moment I felt I really needed to own

:eyes:

I hate fricking ebay!