Re: [OM] [OT] Sniping

[Scott Nelson]

Oh, I dunno, Tom, your explanation makes sense to me. I've used sniping software
for some time and find that the psychology of bidders is such that a snipe saves
money both by avoiding bidding wars and proxy bid testing. I once put an elf on
a 50/2 macro, for example, and watched someone test my maximum over and over
again until he/she beat it. I'd have been better off with the snipe. I also find
that a snipe improves my bidding discipline and makes for a better night's
sleep. Of course, you'll often see two or more unsophisitcated bidders push the
price up anyway, but so what?

On the selling side, I've found that a low initial minimum with a reasonable
reserve catches more bids and results in more completed auctions at higher
selling prices then a unreservered auction with a high minimum bid. I believe
auction psychology (or is that psychosis) is at work here too.

<<The difference is that an early bid at that price almost guarantees your
highest bid price, as other people will bid to test your high bid -- pushing
you up.  Sniping means nobody is 'pushing' against your price, so you often
get it much lower.

I didn't explain this well, but it has gotten me many bargains.>>

                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                  

< This message was delivered via the Olympus Mailing List >
< For questions, mailto:owner-olympus@xxxxxxxxxxxxxxx >
< Web Page: http://Zuiko.sls.bc.ca/swright/olympuslist.html >