An eBay seller noticed an interesting thing while listing her products on eBay. If she listed her items with a high starting bid, she would not get any bids. However, if she started her items out at a lower starting bid, she would often sell them for more money than the high starting bid she had assigned other items. This MOST LIKELY reason for this is ________ .
A) an escalation of commitment by the buyer
B) buyer's remorse
C) use of the availability heuristic
D) use of the representative heuristic

Question

Quizplus · Accepted Answer

An escalation of commitment by the buyer is the most likely reason for this phenomenon. When buyers start bidding at a lower price, they become more committed as the auction progresses, often leading to them paying more than they initially would have if the starting bid was high. This is because they become invested in winning the item as they place more bids, which can drive the final price up beyond the initial high starting bid.

An EBay Seller Noticed an Interesting Thing While Listing Her