I am doomed. Utterly doomed.

[gerisullivan]

I just became a registered eBay user. It's my first time. Yes, of course I did so to bid on something. It's a very low-cost item. Yeah, right.

I am doomed.

I am not, however, going to increase my bid. Either I'll get it or I won't.

It's not even what I went looking for.

Of course it isn't.

Doomed. Doomed. Doomed.

I am suspiciously cheerful and confident for someone who has successfully avoided this fate for the last decade and more.

Film at 11. In the meantime, advice for an eBay neo would be very welcome. What mistakes should I endeavor to avoid? Well, beside the mistake of registering in the first place?

Comments

Sniping in eBay

[minnehaha.livejournal.com]

I thought this way for years. But it's wrong. It's not about the math, it's about the psychology.

People don't bid their maximum price; they bid a price they think is reasonable, based in part on the current bid. That is, the current bid sets a context by which they value the item. Even seasoned eBay bidders do this; they forget to bid their maximum price, and bid some reasonable amount over the current high bid. (I've seen K do it, recently.)

So by not bidding, what you're doing is keeping the current bid low. This means that others will bid less than they otherwise would. And you'll get the item for less in the end.

I know, I know. It's rediculous. It makes no sense. It's not logical. But it happens, again and again and again. Ever since K started using a sniping service, she's winning more bids for less money. It works.

B

Re: Sniping in eBay

[gerisullivan.livejournal.com]

Thanks for explaining what you've observed, Bruce. It's a very timely reminder that my auction results don't depend just on my own behavior, but by the behavior of any other bidders as well.

Re: Sniping in eBay

[minnehaha.livejournal.com]

"It's a very timely reminder that my auction results don't depend just on my own behavior, but by the behavior of any other bidders as well."

Even weirder, you're auction behavior depends on the behavior of other bidders, too.

B

Re: Sniping in eBay

[gerisullivan.livejournal.com]

I'm aware of some of the ways other bidders affect my own behavior; I'll be interested to see if I come to recognize additional ways as I continue gaining experience both on eBay and in live auctions (where I have more experience than I do on eBay, but still not a lot).

Re: Sniping in eBay

[minnehaha.livejournal.com]

Do you want a list of ways your bidding won't be rational, ever?

http://www.healthbolt.net/2007/02/14/26-reasons-what-you-think-is-right-is-wrong/

B

Re: Sniping in eBay

[gerisullivan.livejournal.com]

Bookmarked.

Thank you for that, too!

I'm familiar with many of these thanks to my communication studies of oh-so-long-ago, and some of the risk-related ones through reading your own very fine works. But there were a few I didn't know/remember, and having the list all in one place is useful. As is the "Cognitive Hazard" caution sign!