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<p>I have accused some auctioneers of pulling bids out of the air
and have stopped some of those things when I could tell what was
happening. I have found that some people will bid just to have
something to do and when they get stuck with an item will try to
sell it to someone in the crowd. The stupidity of folks at an
auction is amazing.<br>
Cecil<br>
</p>
<div class="moz-cite-prefix">On 12/22/2019 11:53 AM, Phil Auten
wrote:<br>
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<p>At the auctions I have been to, it seems to me that there are a
lot of "shill" bidders and even "ghost bidders present. I
usually stand near the back and watch for this kind of activity.
If I see it, I leave.</p>
<p>Phil in TX<br>
</p>
<br>
<div class="moz-cite-prefix">On 12/22/2019 11:42 AM, Cecil Bearden
wrote:<br>
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<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>
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<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>
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<p class="MsoNormal"><b>From:</b> AT <a
class="moz-txt-link-rfc2396E"
href="mailto:at-bounces@lists.antique-tractor.com"
moz-do-not-send="true"><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"
moz-do-not-send="true">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>
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<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>
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