kranky
Elite Member
- Oct 9, 1999
- 21,020
- 156
- 106
If auctions are extended because of last minute bids, buyers will absolutely end up spending more. Only the sellers will benefit. The extension would serve a single purpose: allowing someone else to bid again. There's nothing in that for the buyers.
The psychology of auctions is heavily dependent on the concept that people have already "spent" their bid amount mentally - that's why they don't mind going up another increment. ("Hey, what's another $2.50") Sniping holds down the ending price because there is no time for people to decide to throw in another $2.50 or whatever. If everyone snipes, it's just like a silent auction where sealed bids are entered and the highest one wins.
Believe me, extending the auction is only going to help the sellers.
The psychology of auctions is heavily dependent on the concept that people have already "spent" their bid amount mentally - that's why they don't mind going up another increment. ("Hey, what's another $2.50") Sniping holds down the ending price because there is no time for people to decide to throw in another $2.50 or whatever. If everyone snipes, it's just like a silent auction where sealed bids are entered and the highest one wins.
Believe me, extending the auction is only going to help the sellers.
Facebook
Twitter