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Professor Screweyes
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Posted - 2010.05.26 23:12:00 -
[1]
I know this is a total nub question, but I've watched, off and on, the character bazaar and have always found myself wondering: Why would you put in a minimum bid and then a reserved bid. Isn't the Reserved price, by definition, the minimum? I'm just curious.
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Akita T
Caldari Caldari Navy Volunteer Task Force
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Posted - 2010.05.26 23:20:00 -
[2]
Edited by: Akita T on 26/05/2010 23:23:13
More of a "I reserve the right to not sell below that price, but I still might, however unlikely that is" thing for the seller. Whoever bids below reserve hopes nobody else will outbid him and the seller will decide to sell it cheap anyway.
HIDDEN reserve auctions, now those are lame. P.S. Why lame ? Because they're more often than not just price checks instead of auctions, and price checks go in a different subforum.
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SetrakDark
Northstar Cabal OWN Alliance
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Posted - 2010.05.26 23:21:00 -
[3]
The only "logical" reason is to get bidding started and get people involved. However, this scenario relies on other people being illogical by them making bids under reserve. A hidden reserve makes sense because it doesn't rely on illogical bidders.
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Martosh Toma
Gallente Fraction Investment
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Posted - 2010.05.26 23:22:00 -
[4]
minimum bid: I will not sell below this price ever. Reserve: I promise to sell when the bid amount is above this. Buyout: if this amount is bid the auction is ended.
So if an auction ends at a price between the minimum and the reserve the seller can decide whether or not he wants to sell at this price Also a lower minimum may increase interest in the item sold, once people start bidding they often continue to bid beyond the price they were initially willing to pay.
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Merouk Baas
Gallente
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Posted - 2010.05.26 23:23:00 -
[5]
Yeah, it's a way to list a character (within the rules for that forum) if you're not sure of what the price should be, or if you don't really want to sell it. How many people you get bidding below the reserve price can give you an idea of the level of interest in that character.
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SetrakDark
Northstar Cabal OWN Alliance
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Posted - 2010.05.26 23:28:00 -
[6]
Ahhhhhh, so you reserve the right to decline offers between the reserve and the minimum. That makes sense...sorta. I guess if you really have no clue.
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Professor Screweyes
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Posted - 2010.05.26 23:31:00 -
[7]
There I go, question answered. Thanks!
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Cista2
Borealis Innovations
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Posted - 2010.05.27 06:25:00 -
[8]
Originally by: SetrakDark reserve the right to decline offers between the reserve and the minimum.
Yeah, but the minimum price doesn't have any function. If the reserve price is 5 bn, what difference does it make if the minimum price is 2 bn or 3 bn? No difference at all afaics. So why make one ?
The only reason I can see is to get some bids going = free bumps ftw. ----------------------- Join "Signatures" channel - the chatroom for traders |
SetrakDark
Northstar Cabal OWN Alliance
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Posted - 2010.05.27 06:38:00 -
[9]
Originally by: Cista2
Originally by: SetrakDark reserve the right to decline offers between the reserve and the minimum.
Yeah, but the minimum price doesn't have any function. If the reserve price is 5 bn, what difference does it make if the minimum price is 2 bn or 3 bn? No difference at all afaics. So why make one ?
The only reason I can see is to get some bids going = free bumps ftw.
Because you might take something below reserve, you're just not sure yet. However, you will not take anything below the minimum.
Idk, there's nothing forcing someone to take any bid in the end anyway...it all seems a little silly, but I get it.
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Faccat
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Posted - 2010.05.27 09:01:00 -
[10]
Reserves are used in car auctions all the time. You'll see the owner and last bidder haggling over the price after the auction completed below the reserve.
It can serve as a price check. If you put something up for 100 with a 50 reserve and get 15 people bidding in the range 30-40, perhaps the whole market is down? With a reserve you get to haggle it out with the that highest bidder...or not.
A flip side to that is if only one bidder shows up. There are then just 2 price points, yours and his. You've lost the value of an auction setting prices between multiple people. Again, you could decide to sell based upon other auctions seen...or not.
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