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

Re: Auction Theory

[sethb.livejournal.com]

You're right, there can be a true value that will be revealed in the future. Suppose there's someone with the magical ability to correctly value, who bids that much each time. If he never wins, then the winner always loses money, and pretty soon he'll be the only one left.

I think they bid (estimate of true value) - (hoped-for profit) - (risk premium). That's likely to go to someone who overestimates true value, but there's still room for a profit.

Re: Auction Theory

[minnehaha.livejournal.com]

No argument about that.

What it does mean is that the profit won't be maximized, because the buyer will be overpaying.

B