4 ms·
It's because for lots of people 'perceived maximum' isn't fixed. Imagine you just lost an auction. I come up to you and say "Would you pay $5 more than your ma
by avsteele 6y ago
It's because for lots of people 'perceived maximum' isn't fixed.
Imagine you just lost an auction. I come up to you and say "Would you pay $5 more than your max bid if I guaranteed you'd win?" If you believe anyone would ever say 'yes' to the above then you agree the auction sniping service has utility.
- jodrellblank 6y agoHaving the auction time extend if any bid is put in the last few minutes, ensures it will settle on the highest price anyone is willing to pay, and the best result for the seller. I wonder if eBay doesn't do this, because the "fun" of sniping and not knowing until the end whether you win, and occasionally losing (variable reinforcement), and the feeling of getting a bargain less than someone else might have paid when it works, all combine to make it more like gambling and more compelling to potential buyers?