<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=UTF-8">
</head>
<body text="#000000" bgcolor="#FFFFFF">
<p>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.<br>
This is the reason I do not like auctions.</p>
<p>Cecil<br>
</p>
<div class="moz-cite-prefix">On 12/22/2019 10:40 AM, Bill Brueck
wrote:<br>
</div>
<blockquote type="cite"
cite="mid:000001d5b8e6$7a50c440$6ef24cc0$@chooka.net">
<meta http-equiv="Content-Type" content="text/html; charset=UTF-8">
<meta name="Generator" content="Microsoft Word 15 (filtered
medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
span.EmailStyle18
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
<div class="WordSection1">
<p class="MsoNormal">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.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Indeed, “know thyself” is good and reading
about endowment effect helps with that!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Bill Brueck<o:p></o:p></p>
<p class="MsoNormal"> Pine Island, MN USA<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div style="border:none;border-top:solid #E1E1E1
1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> AT
<a class="moz-txt-link-rfc2396E" href="mailto:at-bounces@lists.antique-tractor.com"><at-bounces@lists.antique-tractor.com></a> <b>On Behalf
Of
</b>Spencer Yost<br>
<b>Sent:</b> Saturday, December 21, 2019 11:13 PM<br>
<b>To:</b> <a class="moz-txt-link-abbreviated" href="mailto:at@lists.antique-tractor.com">at@lists.antique-tractor.com</a><br>
<b>Subject:</b> [AT] Antique tractors that are too
expensive<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><o:p></o:p></p>
<div>
<p class="MsoNormal">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.<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">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="color:black">Though I had intuited
it many times I did not know it was a “thing”.</span><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><span style="color:black"><br>
<br>
</span><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><span style="color:black">Long story
short it</span> explains why people often seem to ask
way more for a tractor that I’m willing to pay.<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal"><a
href="https://en.m.wikipedia.org/wiki/Endowment_effect"
moz-do-not-send="true">https://en.m.wikipedia.org/wiki/Endowment_effect</a><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal"><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><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">Interestingly, this is true regardless
of how long they owned it or whether it had any other type
(e.g. nostalgia) of value. <o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">Unfortunately, the podcast did not
describe how I, the buyer, could negotiate my way around
this.<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">PS: I will be that seller if I ever
sell the Pacer. (-;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">Spencer<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal">Sent from my iPhone<o:p></o:p></p>
</div>
</div>
</div>
</div>
<br>
<fieldset class="mimeAttachmentHeader"></fieldset>
<pre class="moz-quote-pre" wrap="">_______________________________________________
AT mailing list
<a class="moz-txt-link-abbreviated" href="mailto:AT@lists.antique-tractor.com">AT@lists.antique-tractor.com</a>
<a class="moz-txt-link-freetext" href="http://lists.antique-tractor.com/listinfo.cgi/at-antique-tractor.com">http://lists.antique-tractor.com/listinfo.cgi/at-antique-tractor.com</a>
</pre>
</blockquote>
</body>
</html>