Here's my bidding philosophy:
I factor in everything I can think of, just like Rich.
I bid the maximum amount I am willing to pay for the item and set a snipe.
If I win, no matter how ridiculous the price is, I rationalize that I only paid one bidding increment more than the other guy was willing to pay. (Ignoring the fact that, on that given day, I was willing to pay more than anyone else in the world for that item.)
If I lose, and am the underbidder, I convince myself that the winner obviously overpaid for the item (Obviously! His bid was higher than my "maximum", so he was too high. Right?)
If I lose , and 3-4 people outbid me, then either I really didn't want that card (sure) or, more likely, the whole world has lost their mind for this auction.
I'm not quite at insanity, but it's a short bus ride and I don't need a transfer.
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