Sniping on eBay Works -- Here Comes the Science
As a person who's trying to make money as an eBay seller, this probably isn't the smartest thing to do. But hey, I'm also a guy who likes to score great bargains on eBay, and who likes to share info with all my readers (both of you!), so I couldn't resist passing this on.
Apparently, some really smart South Korean rocket scientists (OK, they were actually physicists, but they could probably be rocket scientists if they wanted to!) worked out the mathematical formula for eBay bargain-scoring success:
Got that? Good!
What's it mean? How the hell would I know? I'm no rocket scientist!
Actually, what it means is that after they crunched the numbers for over a half a million auctions, they discovered that "the winning strategy is to bid at the last moment as the first attempt rather than incremental bidding from the start." In other words, one bid at the last possible opportunity right before the auction closes. A good old-fashioned snipe! Pick your price, hold your nerve and then WHAM! Make your bid (or use software that'll do it for you) right before the hammer falls and then hope you scored the deal.
Good luck bargain-hunters!
Apparently, some really smart South Korean rocket scientists (OK, they were actually physicists, but they could probably be rocket scientists if they wanted to!) worked out the mathematical formula for eBay bargain-scoring success:
nk(t+1) — nk(t) = w(k-1)(t)*n(k-1)(t) — wk(t)*nk(t) + sigma(k,1)*u(t)Got that? Good!
What's it mean? How the hell would I know? I'm no rocket scientist!
Actually, what it means is that after they crunched the numbers for over a half a million auctions, they discovered that "the winning strategy is to bid at the last moment as the first attempt rather than incremental bidding from the start." In other words, one bid at the last possible opportunity right before the auction closes. A good old-fashioned snipe! Pick your price, hold your nerve and then WHAM! Make your bid (or use software that'll do it for you) right before the hammer falls and then hope you scored the deal.
Good luck bargain-hunters!
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