Ebay
Ebay
Out of context: Reply #13
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- rafalski0
Anytime I sell something, it is no reserve, starting from lowest price possible (ie. $1). You get a crowd "safely" bumping your item and before you know it, people get attracted to your item solely by the large number of bidders.
It is called The Principle of Social Proof that is in action here.
http://en.wikipedia.org/wiki/Soc…