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Posted By: Corey R. Shanus

Fair point, but that is not the main reason I feel he left a lot of money on the table. Even if there is no problem getting through, if I'm running an auction I would never want to prevent someone from having a chance to react when he learns he was outbid. Max bids are great in theory; however, they ignore the human reality of how many people respond that they are outbid. Maybe you have the discipline to stick to your limit, often times I don't. I know when many people ask how high I'm willing to go, my most truthful reponse is "I really don't know." Until I'm faced with losing something, I don't have enough info to really know how much I want something. Sometimes I have exceeded my anticipated maximum by literally 50% to win the lot, and with no later regrets. Other times I stuck to my maximum and the next day I was upset I didn't go higher. Point is a system that ends precisely at a certain time doesn't allow these extra emotions to come into play, and for that reason mainly I feel significant money is being left on the table.