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This argument assumes we can trust the auctioneer to only increase our bids fairly instead of gaming the system to maximize their profit (or at least short term
by Yxven 11y ago
This argument assumes we can trust the auctioneer to only increase our bids fairly instead of gaming the system to maximize their profit (or at least short term profit). I don't think we live in a world where that's a reasonable assumption.
- lotyrin 11y agoIt doesn't matter. If you set your reserve to what you're willing to pay, you cannot spend more than you are willing to pay. Then any sellers that shill bid above that level risk buying their own auctions and paying the auction house commission, can never gain more money than your reserve -- should have simply set their reserve to whatever the minimum they'll accept for the auction.