[AT] Antique tractors that are too expensive

[Cecil Bearden]

My experience is that if I find something that no one wants at an 
auction, there will always be someone who bids against me.  I bought my 
swather trailer at an auction for $750.  Only one other bidder.  I had 
to move the 2 swathers that I had bought at the same auction.  I asked 
the guy if he wanted to buy it when I got my swathers hauled.  His reply 
was that he would give me $500 for it if I would haul it a hundred miles 
south to his lot.   I won't print what I told him to do.  I would have 
liked to return the favor when he was bidding again, but I refuse to 
lower myself to that level.
This is the reason I do not like auctions.

Cecil

On 12/22/2019 10:40 AM, Bill Brueck wrote:
>
> While I didn’t have a name for this, either, I have wondered about my 
> own sense of the value of something at auctions.  I found myself 
> willing to buy something at a price and then being aware that I 
> wouldn’t part with it for that price, or sometime quite a bit more, 
> even factoring in when I was maxed out on the bidding price. Having 
> become aware of this, I am more inclined than I used to be to accept 
> offers at the auction for part of a lot that I just bought.
>
> Indeed, “know thyself” is good and reading about endowment effect 
> helps with that!
>
> Bill Brueck
>
>    Pine Island, MN  USA
>
> *From:* AT <at-bounces at lists.antique-tractor.com> *On Behalf Of 
> *Spencer Yost
> *Sent:* Saturday, December 21, 2019 11:13 PM
> *To:* at at lists.antique-tractor.com
> *Subject:* [AT] Antique tractors that are too expensive
>
> 
>
> 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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