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Posted By: Cobby33

Psychologically, I think people are more likely to end up paying as much as (or usually more) than a reserve, because there is a bidding war- or when they have some "control" over their bidding. I think sellers who set reserves or high first bids are shooing themselves in the foot (unless of course they really don't want to sell it). Reserves scare people away - they would rather bid high dollars in smaller increments than commit to a high dollar right off the bat.

As someone else alluded to, if you must have a minimum, BIN with Best Offer seems to be the best way to go.