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OldWolfe
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Posted - 2007.11.09 05:39:00 -
[1]
Every time I glance over an auction, theres often this little conundrum of a concept called "Hidden Reserve".
Now the way I see it if this secret, not open to public, reserve isn't met by any bidders, how on earth are we supposed to know if it's met or not. And further more, no matter how many times we bid under the hidden reserve, it's still an automatic rejection, making the auction a pointless thing to begin with should hidden reserve be a part of any auctions.
In the end, from my view point, having a hidden reserve be involved in an auction simply makes any bidding pointless until someone discovers the hidden reserve and starts the real bidding war. And once the reserve is discovered, there then is absolutely no point or reasons I could see in having it hidden in first place.
I'm sure some of ya'all will have some insights on why such concept exists. I'm willing to see it from all sides, providing it makes any fragment of sense.
Well, off to bed I go, will look at this in morning.
~Wolfe
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Michus Danether
Aristotle Enterprises Ethereal Dawn
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Posted - 2007.11.09 06:48:00 -
[2]
It doesn't make sense on eBay either. Why wouldn't a person just set their reserve as the minimum allowed bid, and skip the ridiculous reserve process completely?
On eBay it costs you MORE to set a reserve price then it does to set a minimum bid as high as your reserve was.
Personally I've never used a reserve bid in any form of auction I've ever done. It's pure foolishness I say! Foolishness!
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Helen Hunts
Gallente Red Dragon Mining inc
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Posted - 2007.11.09 06:59:00 -
[3]
The idea behind a Hidden Reserve is to get excitement generated by the low Starting Bid that should generate momentum to carry the bidding higher than what would normally be if the Starting bid was higher. A Reserve Bid also gives the selling party a chance to bail out of an auction if the bids don't rise high enough to suit. _______________________________
Mine da rocks, make more ships. Pop da rats, make more rigs. Sell da gear, make more money.
Any Questions? |
Adunh Slavy
KIA Corp KIA Alliance
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Posted - 2007.11.09 07:00:00 -
[4]
The point of such a thing is to get a buyer intrested. Suppose the hidden is 200, but as the seller, I set the initial price at 100. That probably looks like a bargin. So hopefully, for the seller, a couple of fish chasing a worm will become emotionaly involved in the bidding and run the price up, trying to chase the elusive bargin they so wanted in the first place.
As the seller I'm just happy to sell at over 200, if two wee fish come and chase the bargin around and end up buying at over 200, that's great for the seller. Also, having had that low start price would hav attracted more attention than someone with the same item that started their bids at 200 with no hidden.
It's a trick, that's all it is. If it looks to good to be true, then it's not true.
-AS
The Real Space Initiative
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Drasked
North Face Force
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Posted - 2007.11.09 07:05:00 -
[5]
Hidden reserve = not having to sell your item unless you want to or BO is reached.
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Alias11
GoonFleet GoonSwarm
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Posted - 2007.11.09 07:08:00 -
[6]
On eBay, the hidden reserve is a way to drum up buzz and get people making stupid bids because they want to "win" the auction.
In Eve, it's a way that you bail out of an auction when you realize you don't want to sell it, since there's nothing stopping you from changing the hidden reserve willy-nilly.
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Leora Nomen
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Posted - 2007.11.09 09:18:00 -
[7]
If no one reaches the reserve price and the seller has to sell the item soon, he might choose to talk to bidders in game, as they are potential buyers, and try to agree to some price that the seller is more comfortable with. Alternatively, if the seller has a price in mind but isn't really sure that it's the right price and is scared that price is too low, to test waters the seller makes an auction without a buyout or a very high buyout and hidden reserve and then sees how high it will go.
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