Well that's what is bother me so much. This is only one reason why ebay isn't such a great auction house. Im wondering why is it so popular, and why hasn't anyone come up with a better auction which is based on a more realistic approach to auctions. For example, ebay has the following problems:
1) Shill bidders
2) Bid closing are within hours and even days then a bidder finds out they lost.
3) Also, the long time durations psychologically effect bidders where their desire increases for the product during the long wait, making them bid higher then the market value of the product. Take for example my brother-in-law who sold a second hand baby stroller for more then he bought it new. How did that buyer feel when they got the item?
4) To make bidding fair, all ebay bidders must use snipping companies or many will be at a disadvantage to ones who are.
I think there is a better way to conduct on-line auctions and I just wondered why hasn't anyone come up with a better idea since its so popular.