Sunk Costs in the Hobby Video

[Lorewalker]

Originally Posted by Leon

Supply rarely has to do with price since demand will set the price. All in my humble opinion...

I would absolutely agree with this.

And as a buyer when a seller rejects my offer I appreciate it if they tell me why which is usually that they have paid too close or more than what I was offering.

Cards are not like shares of Apple stock. Cards change hands when the numbers make sense to both sides and each person comes with their own expectations and limits.

[raulus]

I think the reason why the sunk cost fallacy exists as a phenomenon is because humans are often illogical and emotional, in spite of our better judgment. That and we hate to lose money and/or experience pain. Studies have consistently shown that people will routinely choose illogical options if it means that they can avoid loss/pain.

The other element is that we are all perpetually optimistic when it comes to our items. Just because it's down today doesn't mean that it will be down tomorrow. And if I'm convinced it will be back up tomorrow, then I'm less inclined to sell today unless I feel like I'm getting tomorrow's price.

[Exhibitman]

I've had the experience more than once (and as recently as last week) where a buyer eventually met my price on a good item. On those occasions, I've declined earlier lower offers with a sunk cost argument. It may be a fallacy, but the reality is that if you are not motivated to sell an item, you do not need to take a loss on it and telling the buyer you will not is a valid position to take, but only if you really are willing to let the sale walk. Otherwise, you're just lying.