Question about ebay bidding procedure??

Hi frodo,

quote:

Originally posted by frodo:
So i insert for example 1000 dollars. As result i am current high bidder, and highest
bid is 10.5 dollars. After it everybody, who want to bid on this item must insert at least more
than 1000 dollars

No. The current bid might be $10.50, but you don’t know what the high bidder’s full proxy bid is. Let’s say the high bid is actually $20. Your $1000 bid would raise the price to $20.50. At that point, another, or quite possibility the prior high bidder, would need only have to place a $21 bidder for it to appear in the bid history.

quote:

Originally posted by frodo:
and i automatically became the winner (cause nobody want to buy it for 1000 dollars).
So what is wrong in my reasoning?

Someone might bid $999.99, and you’ll actually get to pay that $1000. These are called nuclear bids, and the seller will “love you long time”.

Remember, unless the high bidder is winning by less than an ebay increment, you don’t know what their full bid is.



Good luck sniping

Many thanks....but see i don't quite undastand all bidding mechanic. Can you give me a link in order to learn some ebay bidding logic?

frodo,

This may help


Happy sniping

quote:

After it everybody, who want to bid on this item must insert at least more
than 1000 dollars, and i automatically became the winner (cause nobody want to buy it for 1000 dollars).
So what is wrong in my reasoning?

The fallacy in your reasoning is what happens if you end up going against some one using the same strategy? Except maybe they say to themself, "I'll bid $900, 'cause nobody will want to buy it for $900!" Do you really want to buy that widget for your winning bid of $905?!?

frodo,
In very simplified terms, this is an auction process in which the highest bidder wins--but pays the SECOND highest bid price (that is, roughly speaking; it is actually the second highest bid price plus the minimum increment). In my limited understanding, the logic is that, with this type of auction, each bidder need only evaluate what he is willing to pay, and need not worry so much about strategic concerns (or needs to worry about them less than with other auction structures). I believe this system is also thought to reduce buyer's remorse. Thus the ebay system is similar to--but not exactly--a "Vickrey auction". If you want to delve further, a place to start might be http://en.wikipedia.org/wiki/Vickrey_Auction and the wikipedia discussion at http://en.wikipedia.org/wiki/Talk:Vickrey_auction . Anyway, the basic rule of thumb for ebay I think is to just think in terms of how much you are willing to pay, don't worry about the other guy. (And as we all know, there is absolutely no advantage to bidding early. Bidding early can only be disadvantageous, except in the very rare case where a seller gets discouraged or annoyed with lack of bids & so removes his listing, or in case of a tie. Can't think of another exception, maybe someone can.)

I got myself curious about this topic again so I did a google search and found this clear and interesting article on aspects of vickrey auctions
http://www.beyonddiscovery.org/content/view.page.asp?I=3685 . Hope it's of interest.... now back to sniping and acquiring the goods I covet!

Petronius, whilst not wishing to challenge the logic of an emminent Professor, I am not happy with arguments based almost wholly on the demand side of things!

In a way, ebay is a fairly accurate guide of scarcity. One can look at the records for a particular item for a number of years. This is entirely different from local & regional auctions where knowledge of prices acheived for goods amongst buyers is decidedly patchy.

In other words it almost enjoys a monopoly position. Like all good monopolies this is a complete distortion of the market place!

For example, I know generally whom I am going to bid against in the ebay market place for scarce cameras. That's why I am engaged in the entirely devious practice tonight of trying to persuade a seller to sell me a camera privately!
I know my two major opponents will pay far more than his reserve price!

The advent of AS has worsened the situation for all of us can buy things in the middle of the night. Thus there are now few national price differences (except Australia which is ignored by all and has been my happy stomping ground for cheap cameras & audio equipment!)

I'll abandon this - theoretical arguments are not my forte - certainly not now, as it's time to go to bed!

Paul

quote:

Originally posted by Camera:
theoretical arguments are not my forte

What other kind of arguments are there?

quote:

What other kind of arguments are there?

Brace of pistols at 10 paces?

quote:

Brace of pistols at 10 paces?

No argument.

I think trioing would have been more challenging – but with a thrice of pistols, of course.

Had I lived during those times, I would have preferred to only insult tall people – their paces would put them further away and they would make easier targets. Tall AND large, with a seeing-eye dog and suffering from an extreme case of narcolepsy would be even better (don't get mad at me - I would definitely make sure that the seeing-eye dog wasn't harmed).

The wild west (do they have a wild east? north or south?) would of been the place to be...although if you were a women you had limited employment options.

Hmmm, come to think of it, not much different to now...you piss someone off in the wrong place, and the consequences are the same.

quote:

although if you were a women you had limited employment options.

Guys had quite a struggle breaking into the schoolmarm and stewardess professions.

Stewardesses???

WTF were they going to Steward?? Those wagon trains??

quote:

Stewardesses???

Not to mention midhusbands. It’s not been easy for males due to all this sexist discrimination. When was the last time a male was allowed to labor? You may want to silence me, but until we allow men to have c-sections, this world is obviously bias towards women – let me hear an “Amen”.


P.S. If this doesn't cause a newbie to think twice, I don't know what will. I sure hope frodo and petronius understand.

quote:

Originally posted by Rick:
P.S. If this doesn't cause a newbie to think twice, I don't know what will. I sure hope frodo and petronius understand.

I hope they dont, wouldnt like to think there are too many that do out there

quote:

Originally posted by Bartelby:
WTF were they going to Steward?? Those wagon trains??

Sure. Who do you think made sure everyone on the wagons had their seatbelts fastened and handed out the peanuts.

Yeah, I have to admit to a huge frustration with eBay bidders. The auction has 6 days to run and you bid. What POSSIBLE good can that do? How can that in the remotest way benefit you? The logic escapes me, but also frustrates me when I'm all set to snipe an item and two idiots get into a bidding war on the item, just driving the price up for all concerned. I would gladly donate some brain cells to these people if I thought it would do any good.

Thank god for AS.