Very well presented paper. Covered most of the aspects discussed here on TCB and confirms my own take on why sniping is the optimum bidding strategy on eBay, at least for things of interest to our hobby.

He mentions one aspect that I'm not sure was discussed on this BB. Since the identity of bidders is open to all on eBay, you can gain useful information on the value of lots by looking at who is bidding. You learn eventually who the knowledgable chippers are, which bidders have the best sense of 'right value' for older chips, and which have deep pockets and will bid 'whatever it takes' for something they need. I used to use this as a tool, but found that knowledgable bidders eventually became smart bidders, and began sniping as well, thus keeping their name off the bidder list until the auction has closed... too late to be of use to competing bidders.

Of course the 'know your competition' rule works in all kinds of public auctions. Why do you think all the old timer collectors and dealers stand at the back of the room at the Club auctions? The want to see who else is bidding and how excited each is!