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Minging Meg
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Posted - 2006.03.17 02:55:00 -
[1]
I've been bidding for various stuff on the sell forums, and I can't for the life of me work out why on earth people are specifying a minimum bid that is actually less than their specified reserve.
Why bother putting a minimum bid that's less that you're willing to accept. Why not just say OK, I'm willing to take this as a minumum, let's go from there. People actually bid at the minimum bid price, knowing that it will not win them anything.
Everyone seems to be doing it. For no good reason. Am I missing something here?
Time to overhaul the auction guidelines please, and get rid either minimum bids or reserves. The two are or should be the same thing unless the reserve is hidden.
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Tomas Nuerin
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Posted - 2006.03.17 08:23:00 -
[2]
1) Free bumps (bids below reserve) 2) Price check |
Daddy's Princess
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Posted - 2006.03.17 08:40:00 -
[3]
Besides the free bumps, it's also to create more interest in the auction.
Lets say someone runs an auction and says my reserve and starting bid is 1.8bil. You look at the item and evaluate it at 1.5bil and say pffffft, moving on to the next thread, never to come again.
Now if the start bid was 1bil you'd follow the thread, maybe bid also in hope to snag the item at value closer to your estimation. A reserve afterall just means the seller reserves the right not to sell but might. Or you might even decide you might want to pay more than you originally thought if the bidding is hot, while in the first scenario you would have dissmissed the whole auction.
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Naal Morno
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Posted - 2006.03.17 19:28:00 -
[4]
Edited by: Naal Morno on 17/03/2006 19:27:57 Minimum bid below reserve price has couple of purposes:
1) Generates unbinding bids since bidder is not obligated to buy due to reserve rule. 2) Due to #1, it generates traffic in the post. 3) Due to #2, your page is on top more often causing more people to pop in and possibly bid 4) Most importantly, allows you to get bids without obligation on your part to sell, hence no reserve is not matched yet. After auction end you have a choice of either ignore the outcome or contact bidders if you are up to sub-reserve sale.
And if they hit reserve then then merit of this thread is null
Cheers.
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Arakasai
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Posted - 2006.03.17 20:41:00 -
[5]
5. It gets buy in and commitment.
It is well proven that people are willing to spend more than they originally would have once it becomes a competition.
So, you get sucked in when it is low and end up going well above what you were normally willing to pay because it becomes a competition.
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