[AT] Antique tractors that are too expensive

[Mike M]

I've also seen people bid way too high, they get caught up in the
excitement. I was standing next to a guy who was bidding on an old
tombstone welder. I wanted it too. I think he ended up paying $300 for
it. You could buy a new one for less than that. It's pays to know what
things cost before bidding on them. I was bidding, but dropped out at
$150, because that is all I was willing to pay.

Mike M


On 12/22/2019 12:13 AM, Spencer Yost wrote:
> 
> We have all seen it:  the tractor the seller is asking way too much
> for.  Or conversely; why buyers don’t show up for our obviously
> wonderful tractor that we post in EBay/Craigslist/whatever.
>
> So listening to podcasts tonight, I ran across a podcast that was
> discussing many things, including a discussion with a psychologist
> from Berkeley who was explaining the “endowment effect”. I was unaware
> of this. Though I had intuited it many times I did not know it was a
> “thing”.
>
> Long story short it explains why people often seem to ask way more for
> a tractor that I’m willing to pay.
>
> https://en.m.wikipedia.org/wiki/Endowment_effect
>
> https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+
>
>
> Interestingly, this is true regardless of how long they owned it or
> whether it had any other type (e.g. nostalgia) of value.
>
> Unfortunately, the podcast did not describe how I, the buyer, could
> negotiate my way around this.
>
> PS:   I will be that seller if I ever sell the Pacer. (-;
>
> Spencer
>
> Sent from my iPhone
>
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