In particular online charity auctions mean that higher value gifts or donations are able to be put before a much larger audience of potential buyers, not just from amongst a charitys supporters. The items therefore attracting the very maximum attention and revenue.
Why are auctions exciting?
People enjoy the adrenaline rush that accompanies the bidding process. The auction atmosphere is exhilarating for many participants. Time seems to fly by during auctions as bidders set their sights on a coveted item and strive to experience the feeling of excitement that comes along with being the winning bidder.
Why do people overpay in auctions?
First, auctions use the principle of scarcity, whereby we overvalue things that we think might run out. Auction items are scarce in that they are unique (only one person can have it), and scarce in time (after the bids are finished, youve lost your chance).
Why do people do auctions?
Buyers flock to auctions looking to find their dream home at a bargain price. Whereas sellers are conditioned into the auction option convinced that their property will be fought over by separate buyers and soar well beyond the reserve.