Mobile Ed: OT317 Judges closes at $75 or lower within the hour

Page 1 of 1 (14 items)
This post has 13 Replies | 4 Followers

Posts 754
David A Egolf | Forum Activity | Posted: Fri, Aug 5 2016 11:13 AM

This resource is very close to going even lower.  Logos has set the increments at $1.

Thanks, Logos!

Posts 2284
Jan Krohn | Forum Activity | Replied: Fri, Aug 5 2016 11:17 AM

Dropped to $74.

I reckon even $71 is doable. Bid now!!

Past IT Consultant. Past Mission Worker. Entrepreneur. Future Seminary Student.
Why Amazon sucks: Full background story of my legal dispute with the online giant

Posts 499
SteveHD | Forum Activity | Replied: Fri, Aug 5 2016 11:53 AM

Would hate to think of people missing by 1$. Bid green and it can still go down.

Posts 2284
Jan Krohn | Forum Activity | Replied: Fri, Aug 5 2016 12:08 PM

That was it. New price is $400.

Past IT Consultant. Past Mission Worker. Entrepreneur. Future Seminary Student.
Why Amazon sucks: Full background story of my legal dispute with the online giant

Posts 1216
Matt Hamrick | Forum Activity | Replied: Fri, Aug 5 2016 12:11 PM

wow, prepub price is $399.99. Glad I was in the cp for it.

Posts 478
Rodney Phillips | Forum Activity | Replied: Fri, Aug 5 2016 1:38 PM

$72 final. Just got Email.. Big Smile

Posts 155
Alan | Forum Activity | Replied: Sat, Aug 6 2016 4:26 AM

Rodney Phillips:

$72 final. Just got Email.. Big Smile

ditto

I am glad. Big Smile

Posts 2
Michel C | Forum Activity | Replied: Sun, Aug 7 2016 9:48 PM

"Your community pricing bid of $68.00 for Mobile Ed: OT317 Judges was not successful"  I was a little bit disappointed over the weekend. I forgot to updated my bid. Lesson learn.

Posts 27548
Forum MVP
JT (alabama24) | Forum Activity | Replied: Sun, Aug 7 2016 10:01 PM

Welcome! Smile

Michel Colvert:
I forgot to updated my bid. Lesson learn.

What was your bidding strategy? 

OSX & iOS | Logs |  Install

Posts 8896
Forum MVP
Bruce Dunning | Forum Activity | Replied: Mon, Aug 8 2016 4:35 AM

Michel Colvert:
"Your community pricing bid of $68.00 for Mobile Ed: OT317 Judges was not successful"  I was a little bit disappointed over the weekend. I forgot to updated my bid. Lesson learn.

Welcome to the forums Michel. By your comments it seems that you would have paid more for this resource if you had the opportunity. If you had placed a bid prior to the resource going over 100% you should have received an email telling you when it went over 100%. That's when it is best to be sure to place a bid at the highest you would be willing to pay rather than what you hope to get it for. Remember you will only pay the price where it is locked even if you bid higher.

Unfortunately we often interact with others on the forums that don't seem to fully understand how Community Pricing works. Even though I'm disappointed for you with this resource I hope things work out better for you with others.

Using adventure and community to challenge young people to continually say "yes" to God

Posts 2
Michel C | Forum Activity | Replied: Mon, Aug 8 2016 9:01 AM

I didn't have a strategy, I just forgot it was due on the fifth. I remember once I received the email.

Posts 27548
Forum MVP
JT (alabama24) | Forum Activity | Replied: Mon, Aug 8 2016 11:31 AM

Michel Colvert:

I didn't have a strategy, I just forgot it was due on the fifth. I remember once I received the email.

OK. 

The way that community pricing works is that FL sets an (unknown to us) "cost of production" for these resources. Let's use simple math and say that an item is set at $100. If one user bids $100, bidding can close and the ONE bidder can get the resource for $100. Likewise two bidders can bid $50, ten bidders bid $10, or 100 can bid $1. Since $100 is greater than every price point below it, a bid of $100 is also a bid for $50, $10, $1 (or any other amount <$100). 

When you bid on an item, the suggested strategy is to bid the highest amount you would be willing to pay since that bid will include all amounts lower. By doing this, you will prevent situations like the one you experienced. 

OSX & iOS | Logs |  Install

Posts 754
David A Egolf | Forum Activity | Replied: Mon, Aug 8 2016 5:35 PM

alabama24:

OK. 

The way that community pricing works is that FL sets an (unknown to us) "cost of production" for these resources. Let's use simple math and say that an item is set at $100. If one user bids $100, bidding can close and the ONE bidder can get the resource for $100. Likewise two bidders can bid $50, ten bidders bid $10, or 100 can bid $1. Since $100 is greater than every price point below it, a bid of $100 is also a bid for $50, $10, $1 (or any other amount <$100). 

When you bid on an item, the suggested strategy is to bid the highest amount you would be willing to pay since that bid will include all amounts lower. By doing this, you will prevent situations like the one you experienced. 

If your bidding strategy is to "set it and forget it", then bidding the highest amount you would be willing to pay is certainly the way to go.  However, if you are willing to pay close attention to what is going on, there are more refined strategies. 

As long as you pay attention, it is safe to bid lower for resources which have not "broken through". 

I believe that it is a good idea to watch the shape of the bidding curve.  Logos will call out the expected strike price based on the current bidding.  If the curve is relatively flat up to the current expected strike price (assuming the auction does not have a current closing date), then I tend to bid on the lowest price which looks like it might beat out the current expected strike price.  I'm hoping that others will notice the interest in the lower price and pile on.  If the expected strike price can be moved down, then one would expect more people to be interested and that the resource would break through to a contract faster and at a cheaper price.

Once the bidding breaks through and Logos establishes a closing date, then one should definitely adjust their bid to the maximum amount they are willing to pay.   At this point, it may result in an expected successful bid, or it may even be too low.  But move it to your high point so that you will not be remorseful.  As per Alabama above, you will not hurt yourself since you will still participate in lower pricing.  As per the paragraphs below, this should be done even if your current bid exceeds the current strike price and should succeed.

It seems that many people actually reduce their bid to match the current expected strike price.  I am pretty sure this happened on the Lexham Methods Series since the bubble at the original expected strike price of $50 seems to be lower than it was when they first set the closing date.

Adjusting your bid downward is counter-productive!  Imagine that you are visiting a Community Pricing resource for the first time and see that the current strike price looks like the highest that anyone has ever bid. In other words, the community has just barely scraped together enough people to put this resource into production. The price line does not look like a bargain.  Then, imagine how you would feel differently if the the price line were well above the production line even at a price 25% higher.  The second scenario should inform you that a lot of people think that this is a great buy.  It would tend to get my attention and make me more interested in participating.

Page 1 of 1 (14 items) | RSS