What if bidders were limited to one bid per listing? You pick a price and it’s the only price you can enter for the duration of the listing. Would this help prevent shill or string bidding? I suppose a shill bidder would still be able to bid a large number from another account and then cancel the bid to find out what the current highest bid is but I don’t know of any other ways to solve that issue.
I haven’t given this idea much thought but another thread sparked the idea.
I don’t think sellers would like it because of the bid wars that some times occur but I do see it contributing to a more stable market.
Only way would be if its blind and bids only revealed at the end.
Yeah, perhaps. Maybe just disclose the number of bids entered?
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I’ve come across an interesting concept in the past, Reverse Auctions.
Basically the way it works is, seller sets a starting price and price goes down instead of up.
i.e.: You put a card for sale for $300 and every hour price drops $5 if unsold.
Eventually there will be a price point at which buyers will no longer risk waiting for a further drop over fear that someone else will buy the item before them.
I think would be fun to experiment with, but it does require access to a very large buyer market. Might work in the US as you have millions of people in different timezones, but would be more difficult to pull off in smaller countries.