Increased premium at REA

[Carter08]

Originally Posted by raulus

Shockingly, we’re not the only ones bidding on auctions.

And forgetting the BP is one thing. Mentally discounting it is another. In other words, tricking ourselves into rationalizing that we’re paying less than we really are, because we allow ourselves to be cajoled into the self delusion that we’re bidding less than we really are.

I tend to agree. I think there’s a reason the full price including bp isn’t what usually appears when a bidder clicks. Similar effect to a casino making you turn real money into chips. Makes the true economic impact of certain decisions a little more disguised/feel less real.

[oldjudge]

Originally Posted by calvindog

We should unionize and take the power from the wealthy auction house owners like Brian and give it back to the people.

I'll light the torches, you bring the marshmallows

[oldjudge]

In my opinion, major auction houses today do a decent job of cataloging high value items and are no better than EBay on the vast majority of lots. The sheer volume of material they process precludes spending time on all but the significant lots. REA still has great customer service, but there is otherwise little resemblance between the company when Rob was there and the company today. In my opinion the smaller auction houses, like LOTG, do a better job cataloging items that any of the major auction houses.

[Balticfox]

Originally Posted by Aquarian Sports Cards

Next up is Non-sports, which will have a pre war component to it.

Non-sports can be very cool!

[raulus]

Originally Posted by Peter_Spaeth

Sounds awfully speculative and a bit psychobabblish to me. How do you know other people are "mentally discounting" the BP in order to rationalize their bidding? Come on.

How do you know they’re not??!!

There are studies out there showing that this is standard human behavior.

I could be misremembering, but I think that Scott has also admitted as much around here in the past. Just my recollection, and if I have misremembered, then I apologize for my mistake.

[perezfan]

Originally Posted by Peter_Spaeth

On what do you base this? I find it hard to believe that people successful enough in life to be bidding on consequential cards truly do not have a clue that the "bid" price is not the final price.

While indeed hard to believe, I base it on posts I've read on FB and IG, countless videos posted on YouTube, and plenty of posts I've read on this very forum.

[Peter_Spaeth]

Originally Posted by perezfan

While indeed hard to believe, I base it on posts I've read on FB and IG, countless videos posted on YouTube, and plenty of posts I've read on this very forum.

Fair enough. Crazy lol.

[raulus]

Originally Posted by Peter_Spaeth

Fair enough. Crazy lol.

It is definitely crazy. But that’s what you get with humans. Even brilliant ones who should know better. Always drives economists nuts that we are not rational that way.

[Peter_Spaeth]

Originally Posted by raulus

It is definitely crazy. But that’s what you get with humans. Even brilliant ones who should know better. Always drives economists nuts that we are not rational that way.

I get overpaying, believe me. I don't get not knowing the basic facts of what you're doing.

[raulus]

Originally Posted by Peter_Spaeth

I get overpaying, believe me. I don't get not knowing the basic facts of what you're doing.

It’s more exciting than that. We know the facts. But we don’t mentally process those facts the same under competing scenarios such as lower price plus BP and higher price (equal to lower price with BP), but without BP.