I think John has it correct, except that someone bidding to "drive up the price" may well wind up buying it at that price. And that is indeed how eBay wants it: an auction, not a sealed bid process. If a willing buyer (even one "caught up in the chase") wants to buy it at what I think is an exorbitant price, then that willing buyer and that willing seller have determined the price and it is the current market price, even if I think it is dumb (this idea is not original - J M Keynes came up with it nearly a century ago). Let's get a grip here guys, these are classic bicycle parts. For most of us it is for the 3rd, 8th, or nth bicycle, and it is a want, not a need. These are collector bicycles, not food, shelter, or medicine. There are ALWAYS emotions involved, otherwise we wouldn't own them. If we just wanted a realistically priced steel bike that works well we would all own a Surly with a Shimano drive train.
What you pay is exorbitant, but what I want to pay is realistic (or at least I think so, even though my wife thinks it is silly and self-indulgent).
Ed Feinberg Newton, MA
At 02:59 PM 23/02/2008 -0800, Derek Willburn wrote:
>Sniping has nothing to do with it. If you get beaten
>on ebay, it's because someone else was willing to pay
>more than you -pretty simple.
Well, yes and no. Lately I've been manually sniping in the last half minute or so, but my maximum bid has been what I'd made up my mind beforehand that the item was worth to me. Sure, I could have entered that bid anytime, but I've held off because so many folks get caught up in the chase and go over what they originally figured was a reasonable maximum just to get the item for an exhorbitant price. Some might even keep bidding to drive the price up beyond what they would ever pay just to screw another bidder with deep pockets who wants the item even more. In my opinion, that's quite counterproductive because it artificially drives up price of that particular item and affects future auctions. But that's how eBay wants it. They want people to pay more than they really think the item is worth. Otherwise, they could just make it a silent auction where everyone enters their maximum bid with the highest one winning the item and no emotions involved. I much prefer entering my maximum as late as is possible with my computer and connection and take my chances. If someone else outbids me a second from the end with the help of software, so be it. Those using sniping aids have already predetermined the maximum they will pay. If it's more than I'd pay, good luck to them. There's more fish in the sea.
John Betmanis
Woodstock, Ontario
Canada