Let's see if we can get this down to $24

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Bruce Dunning | Forum Activity | Posted: Sun, Jun 15 2014 4:55 PM

https://www.logos.com/product/40122/classic-commentaries-and-studies-on-mark-upgrade

Today it crossed 100% at $30 but I think that $24 is totally possible. We just need a few more bids.

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Kent | Forum Activity | Replied: Sun, Jun 15 2014 6:36 PM

I'm in at 24

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Gary Butner, Th.D. | Forum Activity | Replied: Sun, Jun 15 2014 8:37 PM

I'm in at $30.

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Mark | Forum Activity | Replied: Mon, Jun 16 2014 2:24 AM

[Y[ 24 Yes

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Mark | Forum Activity | Replied: Mon, Jun 16 2014 4:49 AM

I just went down to 27

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Nick Steffen | Forum Activity | Replied: Mon, Jun 16 2014 5:52 AM

I'm in at 24.

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Todd Frusti | Forum Activity | Replied: Mon, Jun 16 2014 10:45 AM

I'm in.  It's good to see the price going down.

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Mark | Forum Activity | Replied: Mon, Jun 16 2014 8:22 PM

It is now at $27.  So I dropped my bid to $24.  If the price does not go down by Thursday, I will raise it back up to 27.  However, I think if enough are focused on this resource, it should go down to $24

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MJ. Smith | Forum Activity | Replied: Mon, Jun 16 2014 9:23 PM

Lowering your bid has no effect on the price - check the math.

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Bruce Dunning | Forum Activity | Replied: Tue, Jun 17 2014 7:18 AM

Mark:
It is now at $27.  So I dropped my bid to $24. 

I disagree with this strategy. Leaving your bid at $27 has a greater chance of seeing the actual price lowered. I just checked a few minutes ago and the price was up to $30 again.

Edit: It is down to $27 again now.

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DMB | Forum Activity | Replied: Tue, Jun 17 2014 7:54 AM

Sounds like the Logos private investor is involved.

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Mark | Forum Activity | Replied: Tue, Jun 17 2014 8:01 AM

Thanks for the thoughts.  I will raise my bid, then to $27.  I confess, however, that I dont understand why lowering the bid to $24 is not a good strategy.  I guess I think that if 1000 more people jump in at $27, the final price would be $27.  But if all those people dropped their bids to $24, then the final price would be $24.  My thoughts was to drop the bid to $24 to encourage others to jump in at $24.  And if on Thursday night, the price was still set at $27, then I would change the bid on Thursday night.

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fgh | Forum Activity | Replied: Tue, Jun 17 2014 8:12 AM

Mark:
I dont understand why lowering the bid to $24 is not a good strategy

Because all you do is take away a bid at $27. You don't add any at $24, because it was already there. 

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DMB | Forum Activity | Replied: Tue, Jun 17 2014 8:16 AM

Mark ... the computation is simply what's the lowest price, adding up the bids at that price and above, whose sum would equal the cost of production?

If everyone bid $24  (a point below the breakeven), that would not move the equating price down (since you'd be 10% short of the production cost).

You'd need 10% more bidders (approximately).  10% is hard to come by unless it's a popular CP. I'd assume Mark would be.

But I'd bet there's a silent investor involved.

"God will save his fallen angels and their broken wings He'll mend."

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Mark | Forum Activity | Replied: Tue, Jun 17 2014 8:19 AM

So a bid of $30 or $40 or $100 is also okay?  Are you saying that if 1000 more join the bid at $27 then the price would be lower than $27 because there were more than enough bids?

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Mark | Forum Activity | Replied: Tue, Jun 17 2014 8:21 AM

Denise:

Mark ... the computation is simply what's the lowest price, adding up the bids at that price and above, whose sum would equal the cost of production?

If everyone bid $24  (a point below the breakeven), that would not move the equating price down (since you'd be 10% short of the production cost).

You'd need 10% more bidders (approximately).  10% is hard to come by unless it's a popular CP. I'd assume Mark would be.

But I'd bet there's a silent investor involved.

Denise, I understand this. Changing a bid to $24 may attract newer people to bid at $24.  If enough do, then the price comes down.  If not, then I change the bid back to $27 on Thursday night.  That was my strategy.

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DMB | Forum Activity | Replied: Tue, Jun 17 2014 8:31 AM

I understand you're thinking, but as fgh notes (a) your bid is no longer a player in the breakeven computation and so (b) the breakeven moves UP ... the opposite of your desire.  Moving you're bid down is the equivalent of canceling a bid until such point as there's many more bidders.

The key is to ballyhoo the product/price.  I don't have this CP but the ones I like, I try to point out to potential bidders features on why a resource needs to be in their library.

"God will save his fallen angels and their broken wings He'll mend."

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NB.Mick | Forum Activity | Replied: Tue, Jun 17 2014 8:39 AM

 

Mark:

Denise, I understand this. Changing a bid to $24 may attract newer people to bid at $24.  If enough do, then the price comes down.  If not, then I change the bid back to $27 on Thursday night.  That was my strategy.

Mark, a bid at $27 is also a bid at $24 and every lower level. Reducing it to $24 doesn't change the percentage position of the $24 price - it only may draw down (if many people do so, even below 100%) the percentage of $27. I don't see why this would attract people to bit at $24.

Additionally, if the product is worth $27 to you, it's unwise to bid at a lower price point which hasn't made it - in case real life sets in, or your internet connection goes down or you simply forget, you may be unable to change the bid back to $27 and thus lose on the resource on Friday.

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fgh | Forum Activity | Replied: Tue, Jun 17 2014 8:42 AM

Mark:

So a bid of $30 or $40 or $100 is also okay?  Are you saying that if 1000 more join the bid at $27 then the price would be lower than $27 because there were more than enough bids?

If we had a thousand more bidders at $27, the price would probably be closer to $10 than to $20.

Mark:
Changing a bid to $24 may attract newer people to bid at $24. 

It won't attract anyone. If it's visible at all, it will make it look less likely to go down to $24, thus scaring people off rather than attracting them.

"The Christian way of life isn't so much an assignment to be performed, as a gift to be received."  Wilfrid Stinissen

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Bruce Dunning | Forum Activity | Replied: Tue, Jun 17 2014 9:17 AM

This whole discussion confirms my thinking that many people don't fully understand how Community Pricing works and especially what strategies to employ to get the best price. That's why we need to have this discussion fairly often on the forums.

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

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