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#1
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At the grocery store, yes. But, in the auction market the evidence is to the contrary.
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Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
#2
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By the way, sophisticated investors understand brokerage fees but retail folks sure do not. Last edited by Econteachert205; 08-20-2015 at 02:16 PM. |
#3
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One 1988 or whatever it was study of one auction doth not science make. And i see no reason why the newer study wouldn't apply to auctions, buying is buying. In any event, I do not believe that buyer's premiums are charged by sports auction houses with an intent to manipulate the buyer into bidding more. I think it's much more likely a response to a trend which saw auction houses trying to compete by lowering seller's commissions, however irrational that was. Paul if you think otherwise, why don't you name the ones you think are trying to trick us? Or do you think it's all of them, making a conscious choice to try to trick us?
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Net 54-- the discussion board where people resent discussions. ![]() My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ Last edited by Peter_Spaeth; 08-20-2015 at 02:18 PM. |
#4
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__________________
Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
#5
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I agree with you the research as a whole is interesting, though.
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Net 54-- the discussion board where people resent discussions. ![]() My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ Last edited by Peter_Spaeth; 08-20-2015 at 02:34 PM. |
#6
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I've taken part in anchoring surveys with a group of intelligent folk. We all fall for the same tricks every time. It's more of a human nature thing than an intelligence thing.
__________________
Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
#7
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Then do you discount the newer study suggesting that the very perception that it is a trick renders the strategy ultimately unsuccessful?
__________________
Net 54-- the discussion board where people resent discussions. ![]() My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ |
#8
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We are getting circular here. First, the article I am citing to and provided above is from 2009. That's the latest Morwitz article. I don't think the article you cited was more recent than that. But, in any event, I am talking about partitioned pricing in the auction environment, which is different than in the standard marketplace for the reasons you have already mentioned. Indeed, the fact that you and a substantial number of Net54 members do not believe they are being tricked means that the strategy may actually be working.
__________________
Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
#9
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More from the 2009 Morwitz article, which is really fascinating reading:
With respect to eBay strategies... "While the results varied for high versus low total reserves, across the two products, and across particular CDs and games, in general they demonstrated that auctions with lower opening bids and higher shipping charges attracted more bidders, and generated higher total revenues, compared to higher opening bids and lower shipping charges. For example, setting an opening bid of $0.01 and shipping of $3.99 for CDs resulted in a higher average number of bidders (4.5) and revenue ($10.14) than setting an opening bid of $4.00 and no shipping charges (3.9 bidders, $7.54 average revenue)."
__________________
Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
#10
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__________________
Net 54-- the discussion board where people resent discussions. ![]() My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ |
#11
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As you can probably tell, I enjoy reading about buyer and selling behavior in auction formats since I participate in so many different auctions. I would guess most auction houses will tell you that they separate the buyer's premium from the hammer price in order to reward their consignors by taxing the buyer. But, there is significant empirical evidence that such practices actually drive final costs up, and that the auction houses are well aware of that. Frankly, enough articles have been written about it to fill a small library.
__________________
Galleries and Articles about T206 Player Autographs www.SignedT206.com www.instagram.com/signedT206/ @SignedT206 |
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