- Joined
- May 10, 2018
- Messages
- 747
I was studying to learn the best way to bid in online auctions, and I think I’ve discovered something that (although not verified — use at your own risk) makes logical sense and might actually be correct.
The idea is that when placing a bid, you should aim to go about 10% higher than the competitor you're trying to beat and add a non-round number.
The reasoning is psychological: many people (myself included — and probably you too) tend to bid in predictable, round increments (+5%, +10%, etc.). The more sophisticated ones might go a bit beyond that and use slightly rounded decimals — for example, if the starting bid is 1 CPM, a competitor might bid 1.00, 1.05 (unlikely, since zeros in the middle are awkward to type), or 1.10. The more refined bidders might go for 1.11, 1.12, maybe 1.13.
Of course, there's no guarantee that you'll outbid everyone, but this approach tries to eliminate a whole set of statistically predictable behaviors based on common psychology.
What do you think? Am I way off track? Even if not 100% accurate, do you think this kind of
The idea is that when placing a bid, you should aim to go about 10% higher than the competitor you're trying to beat and add a non-round number.
The reasoning is psychological: many people (myself included — and probably you too) tend to bid in predictable, round increments (+5%, +10%, etc.). The more sophisticated ones might go a bit beyond that and use slightly rounded decimals — for example, if the starting bid is 1 CPM, a competitor might bid 1.00, 1.05 (unlikely, since zeros in the middle are awkward to type), or 1.10. The more refined bidders might go for 1.11, 1.12, maybe 1.13.
Of course, there's no guarantee that you'll outbid everyone, but this approach tries to eliminate a whole set of statistically predictable behaviors based on common psychology.
What do you think? Am I way off track? Even if not 100% accurate, do you think this kind of
