On Feb 1, 2015 8:48 AM, "Andrew Strasfogel via Mercedes" < mercedes@okiebenz.com> wrote: > > So if I wanted to pay 200 for a big screen TV why couldn't I wait until the > end of the auction and submit fewer bids?
Larry forgot to include the winning bid; in the example the auction house takes home $900. The winner paid at least $200.60. Also, unlike ebay, these auctions tend to add time at the end after each bid so you can't snipe. (I do recall other legitimate online auctions used to do that, too.) This is kind of like an old exercise in management seminars to teach the concept of sunk cost. You have an auction for a dollar, and both the winner and first loser have to pay. Everybody bids up to the dollar, of course, but then the loser keeps going because they're already behind and getting the dollar will reduce their loss. Repeat until sanity prevails or someone runs out of money. Best, Tim _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com All posts are the result of individual contributors and as such, those individuals are responsible for the content of the post. The list owner has no control over the content of the messages of each contributor.
