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Old 11-12-2011, 12:44 AM
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glchen glchen is offline
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Quote:
Originally Posted by Kenny Cole View Post
That made my head hurt. If the other bidder has gone to bed, how is he going to see that he has been outbid so that he can then post another bid and bid you higher (which, unless he is a shiller, does him no good) so that you bid again? I'm not getting that part of the strategy.
Right, the other bidder will only see that he has been outbid if you put in your max bid than just an increment up. For example, if you have an internal max bid of $500 for a lot, and you bid the card to $350, the other bidder bids it to $400 and now is the high bid. Now, he goes to bed without knowing that he will be outbid by you later at $450. However, if you put in a max bid of $500, then when the other bidder bids the card to $400, he will see that he has instantly been outbid at $400. He can then decide to bid it to $450. Again, he has instantly been outbid. He can again reconsider if he's at his max for this lot, and so forth.

The other reason that people most typically don't put in their max bids for lots is that they are often bidding on multiple lots, but have a budget. If they put in their max bids on all of their lots, it will be over their budget if they happen to win all of them. Therefore, they are internally prioritizing which lots they want first, and if those lots go over their max bid for that lot, then they can move their lower priority lots to higher bids.
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