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Ebay buyers who must win every auction they bid on

Manduro3000Manduro3000 265 Posts
edited September 2010 in Strut Central
You know these people. They bid very high amounts on everything to secure a win, even if it means paying triple the value of the item. What is the possible benefit from doing this besides being able to see your name as the winner in all your completed auctions? Am I the only person out there who thinks this behavier is retarded?

  Comments

  • InnerSpaceInnerSpace 443 Posts
    I dream about selling to these guys. There are a few out there that will pay whatever it takes to get the item at the time that they want it and don't want to spend the time to get the lower price. I have done it before but only on an album that hadn't come up in over 5 years.

    The buyer that bothers me way more are the ones that bid substantially higher than anyone else and refuse payment on a (0) feedback account. Drives me nuts. I have been burnt so many times that I refuse bids from anyone under (10) feedback now.

    Feelin ya.
  • ReynaldoReynaldo 6,054 Posts
    Manduro3000 said:
    What is the possible benefit from doing this
    Stepping your collection up quickly. AKA WINNING.
  • buttonbutton 1,475 Posts
    Reynaldo said:
    WINNING.
  • ReynaldoReynaldo 6,054 Posts
    b/w

    Blame the underbidders who bid extra high and still lose, pushing the price up. I mean, if the issue is out of control prices, then the bidder who ends up winning isn't the only one responsible. Takes two. And if you've been number two then... mirror.
  • Manduro3000Manduro3000 265 Posts
    Reynaldo said:
    Manduro3000 said:
    What is the possible benefit from doing this
    Stepping your collection up quickly. AKA WINNING.

    I thought it was about winning too, but I seen these ebay bidders over bid on records where there were exact same copies available as buy-it-now for less money. Explain that?
  • InnerSpaceInnerSpace 443 Posts
    Manduro3000 said:
    Reynaldo said:
    Manduro3000 said:
    What is the possible benefit from doing this
    Stepping your collection up quickly. AKA WINNING.

    I thought it was about winning too, but I seen these ebay bidders over bid on records where there were exact same copies available as buy-it-now for less money. Explain that?

    I know that a lot of bidders buy from more trusted sellers. Even if the buy it now is cheaper. There is greater chance to get a better grade copy from someone that is a veteran when it comes to vinyl even if the grading is the same on both records. This weekend I bought a record from someone that said the record was one condition and I had to debate back and forth to find out that they were grading on a different scale then I was. FRUSTRATING! I would rather buy from a trusted seller then from a novice.
  • AlmondAlmond 1,427 Posts
    We learned about this type of bidder in my game theory class. I don't remember if there is a term or nickname for over-bidding or over-valuation for the sake of securing a win. Auction theory was my favorite part of that class, which was otherwise a waste of my time/money.

    Ebay uses the second-price sealed-bid model.

    http://en.wikipedia.org/wiki/Auction_theory
  • ReynaldoReynaldo 6,054 Posts
    Manduro3000 said:
    Reynaldo said:
    Manduro3000 said:
    What is the possible benefit from doing this
    Stepping your collection up quickly. AKA WINNING.

    I thought it was about winning too, but I seen these ebay bidders over bid on records where there were exact same copies available as buy-it-now for less money. Explain that?
    They would prefer to win the record at auction for cheaper than the buy it now, but at the same time they want to just win the record. For most of the auction the record is bid up to below the BIN price and it doesn't jump until the very end, when their snipe is already ready to execute or they can't retract their bid. Once the auction is over and they pay, there's no need to buy the BIN because they don't need the record anymore. Also, if the BIN was truly low enough, any reasonable person looking for the record would have bought it. Turner Bros LP priced at $50 will stay up for approximately 2 min; if someone wouldn't pounce on such a bargain then they are deranged or ignorant.
  • hcrinkhcrink 8,729 Posts
    These dudes rule.
  • discos_almadiscos_alma discos_alma 2,164 Posts
    Manduro3000 said:
    Reynaldo said:
    Manduro3000 said:
    What is the possible benefit from doing this
    Stepping your collection up quickly. AKA WINNING.

    I thought it was about winning too, but I seen these ebay bidders over bid on records where there were exact same copies available as buy-it-now for less money. Explain that?

    Look, if you play the eBay game long enough and you place high bids on every record you bid on, chances are, some stuff will go high, but also many things will go for far less than "normal".

    You gotta know how to play the game and what to bid on.
  • leonleon 883 Posts
    Almond said:
    We learned about this type of bidder in my game theory class. I don't remember if there is a term or nickname for over-bidding or over-valuation for the sake of securing a win. Auction theory was my favorite part of that class, which was otherwise a waste of my time/money.

    Ebay uses the second-price sealed-bid model.

    http://en.wikipedia.org/wiki/Auction_theory

    Interesting read! This part made me realise why i always get outbid in the last minute:
    "...Substituting into , ??? ap + (ap ??? p)a = 0 or ??? p + (a ??? 1)p = 0. Solving for a yields . Therefore satisfies . implies , or . Thus, the (unique) Nash equilibrium strategy bidding function of this game is established as , at least within the set of invertible bidding functions. "
  • luckluck 4,077 Posts
    And then, there's the Shill Factor.
  • leonleon 883 Posts
    Everybody should know these things before bidding. :get_on_my_level:
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