Quote:
Originally Posted by Peter_Spaeth
Most people don't have that discipline, and if they can win an auction for one or two levels above what they thought was their max, they'll go for it and rationalize it, especially if tired or inebriated. I see no benefit to pushing up the price early.
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Certainly from a game theory viewpoint, if spending the least is your goal, the optimal strategy is to wait until the last minute to place your bids and hope your competition either times out or drops out. But spending the least isn't the top priority for all bidders. One thing I learned when researching how to solve the eBay shill bidding problem is that legitimate paying bidders implement all sorts of seemingly nonsensical bidding strategies that would look like suspicious activity to most "normal" bidders.
Don't get me wrong, shill bidding is problem in this hobby for sure. But I also think people cast that stone far too quickly when they see a sale or bidding activity that doesn't line up with how they would bid.