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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.<br>
<br>
Mike M<br>
<br>
<br>
<div class="moz-cite-prefix">On 12/22/2019 12:13 AM, Spencer Yost
wrote:<br>
</div>
<blockquote type="cite"
cite="mid:AE187BD9-CB35-41D1-92C5-ED3D59E62D8C@rdfarms.com">
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<div>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.</div>
<div><br>
</div>
<div>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. <span style="caret-color:
rgb(0, 0, 0); color: rgb(0, 0, 0);">Though I had intuited it
many times I did not know it was a “thing”.</span></div>
<div><span style="caret-color: rgb(0, 0, 0); color: rgb(0, 0,
0);"><br>
</span></div>
<div><span style="caret-color: rgb(0, 0, 0); color: rgb(0, 0,
0);">Long story short</span><span style="caret-color: rgb(0,
0, 0); color: rgb(0, 0, 0);"> it</span> explains why people
often seem to ask way more for a tractor that I’m willing to
pay.</div>
<div><br>
</div>
<div><a href="https://en.m.wikipedia.org/wiki/Endowment_effect"
moz-do-not-send="true">https://en.m.wikipedia.org/wiki/Endowment_effect</a></div>
<div><br>
</div>
<div><a
href="https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+"
moz-do-not-send="true">https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+</a></div>
<div><br>
</div>
<div><br>
</div>
<div>Interestingly, this is true regardless of how long they
owned it or whether it had any other type (e.g. nostalgia) of
value. </div>
<div><br>
</div>
<div>Unfortunately, the podcast did not describe how I, the
buyer, could negotiate my way around this.</div>
<div><br>
</div>
<div>PS: I will be that seller if I ever sell the Pacer. (-;</div>
<div><br>
</div>
<div>Spencer</div>
<div><br>
<div dir="ltr">Sent from my iPhone</div>
</div>
</div>
<br>
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