Advances in Economics, Business and Management Research, volume 203

Proceedings of the 2021 3rd International Conference on Economic Management and

Cultural Industry (ICEMCI 2021)

Bidder and Seller Strategies in Online Auctions: A

Review
Audrey Elizabeth Wen1, †, HoiYat Wong2, *, †
1
Dulwich College Beijing, Beijing, China
2
Tsinghua International School, Beijing, China
*
Corresponding author. Email: [email protected]
†
These authors contributed equally.

ABSTRACT
Since the 1990s, online auctions, as well as e-commerce in general, has boomed. The COVID-19 pandemic this year
has further led to an increase in online transactions, making the topic of online auctions as current as ever. This paper
summarizes and compares existing research on the strategies for bidders and sellers in online auctions to conclude that
sniping could be an optimal strategy for bidders to employ and that sellers must take a more strategic approach in
selecting discretionary attributes in their auction listings to maximize profits.

Keywords: Online Auction, Bidding Strategy, Seller Strategy, Sniping, Buyout Price.

1. INTRODUCTION difficulties throughout the development process and the

integration of the online auction system. They consider,
1.1. Research Background plan, evaluate, develop, redesign, test, repair errors, and
create the most up-to-date online auction system for
An online auction is a service that allows auction customers.
participants or consumers to sell or bid on items through
The basic processes involved in the online auction
the Internet. Bidders can think about and analyse the
system include buyer and seller registration, auction type
transaction before bidding because these things are only
determination, auction rules, name, product information,
displayed for a few days. The number of bids received
price, etc., auction link arrangement (including start and
has increased due to the lack of geographical or temporal
end times), bid collection and verification, auction ends,
limits. Online auctions are less expensive and less
and finally transaction settlement.
expensive than physical auctions. Both buyers and sellers
will benefit in this fashion. Sellers gain access to a In 1995, there were two distinct auction websites
broader spectrum of clients and can offer greater access emerged: onsale.com, launched by Jerry Kaplan in May
and services at a reduced cost. On the other hand, the 1995, and eBay, founded by Pierre Omidyar, a French
number of bidders much outnumbers the number of Iranian computer scientist, in September of the same year,
sellers, with 65 per cent bidding one to 10 times and 22 both of which used ascending bidding. The network
per cent bidding more than 26 times. Customer, company, offers novel features such as spreadsheet-based
and business auctions are becoming increasingly automatic bidding, a search engine that can quickly locate
common. things, and the option for users to view products by
category. eBay was the first online auction platform to
In this article, a key example we will discuss is eBay,
offer people-to-people sales, unlike on-sale. As a result,
the main online auction host established in 1995. Due to
eBay is the first online auction platform to significantly
the auction space provided by eBay, many enterprises
increase online transactions. The online auction has
have taken off. Before bidding, the bidder should
substantially enlarged the types of commodities and
thoroughly study the product description, delivery details,
services that may be bought and sold through the auction
and project image. Technology advancements and the
mechanism, increased the number of auction techniques
implementation of additional functionality have made
available, and introduced new uses for auction in general.
online auctions easier than ever before. Developers and
Hundreds of websites are dedicated to the practice of
software engineers have faced numerous problems and
online auctions in today’s network environment.

Copyright © 2021 The Authors. Published by Atlantis Press International B.V.

This is an open access article distributed under the CC BY-NC 4.0 license -http://creativecommons.org/licenses/by-nc/4.0/. 1993
   

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1.2. Research Significance and Paper strategies typically employed online can then be applied
to all online auctions. We will be discussing the
Online auctions have dominated the market since effectiveness of the strategies of late bidding (also known
they were first introduced due to various factors. In 2000, as sniping), multiple bids over time, and bidding your
only 5 years after eBay first launched, the National valuation. The second part of the discussion is the sellers’
Consumer League (NCL) estimated that around 35.6 strategy, which includes four subcategories: buyout price
million people in the United States were reported to have auction, listing strategy for sellers based on eBay,
taken part in eBay auctions. That is around a third of modelling involving marketing and social factors, and
adults who were online at the time. Over the years, evaluating sellers’ online strategy. By utilizing effective
eBay’s popularity and the popularity of other online techniques, sellers can gain more loyal customers to gain
auction websites all over the globe, such as Taobao and maximum profit. In addition, investigating different
Yahoo, has only grown, with eBay reporting that they’ve cases such as eBay, advertising, a buyout price and so
reached 187 million global active buyers in 2021. forth, the analysis of sellers’ strategy will be more
However, with eBay incorporating new functions such as inclusive and diverse, easier to compare and summarize
a Buy-Out-Price over the years, many sellers seem to the conclusion. In both sections, we will present the
have taken this E-Commerce option instead of the various methods taken by the respective authors to reach
auction format. In fact, the NBER revealed that more than certain conclusions and then will analyse and compare
85% of eBay listings are not auction-only compared to 0% the results reached.
10 years ago. Nevertheless, new auction websites are
emerging as a result of the Covid-19 pandemic. Many 2. LITERATURE REVIEW
customarily offline auction industries turned to online
Of the papers published on the keyword “auctions”,
auctions as an alternative to their traditional offline
By performing a simple search on Google Scholar using
auctions, which could no longer be held due to social
the keywords of “online auction bidder strategy” and
distancing laws. For example, in the Art industry, the top
“online auction seller strategy” we can get a rough
3 art auction houses- Sotheby’s, Christie’s, and Phillips-
estimate of the amount of research done on bidder and
sold US$596.7 million globally, a 255% increase from
seller strategies in the broader topic of “online auction”.
their total online sales in 2019, according to Barron’s.
Due to the popularity amongst sellers of Buyout-
prices on traditional online auction platforms and the re-
emergence of Online Auctions in new industries, we have
decided to analyse the strategies of consumers and sellers
in these online auctions attempting to find an optimal
strategy for both. Is the optimal strategy for sellers to
include a Buyout price? What is the best strategy for a
buyer in online auctions? Therefore, this paper wants to
summarize the current research results, compare and
analyse the current research status of respective strategies
for bidders and sellers in online auctions, and point out Figure 1. Percentage of results about “online auction
the possible development direction of both sides to gain bidder strategy” and “online auction seller strategy” in
maximum profit. This article will start out by discussing “online auction”
bidder strategies in online auctions, mostly focusing on
eBay. Even though the popularity of traditional auction- As seen in Figure 1, of the 250,000 results about
only listings on eBay has dwindled in the near years, we “online auction”, 37,600 and 37,500 results were about
believe that the investigation of consumer behaviour in “online auction bidder strategy” and “online auction
eBay auctions can still serve as a prime example of the seller strategy”, respectively.
Table 1. Publication date and title of papers referenced
Num. Date Title
1 2010 Study on customer’s bidding strategies in English online auction.
2 2016 Auctions with a buyout price: A survey
3 2001 Buy prices in online auctions: irrationality on the internet?
4 2007 Temporary and Permanent Buyout Prices in Online Auctions
Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a
5 2000
Natural Experiment on the Internet
6 2014 Gradual bidding in eBay-like auctions
7 2019 Information Asymmetry among Investors and Strategic Bidding in Peer-to-Peer Lending
8 2007 An Analysis of Strategic Behavior in eBay Auctions.
9 2009 Sniping and Squatting in Auction Markets
10 2009 Snipe bidding behavior in eBay auctions

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11 2013 Measuring the Benefits to Sniping on eBay: Evidence from a Field Experiment
12 2018 An Empirical Analysis into the Determinants of eBay Auction Market Closing Prices
13 2017 THE OPTIMAL LISTING STRATEGIES IN ONLINE AUCTIONS
14 2017 The seller’s listing strategy in online auctions: Evidence from eBay
15 2008 Buy-Out Prices in Auctions: Seller Competition and Multi-Unit Demands
16 2021 Decision making approaches for an online auction with a permanent buyout option
Dressing Your Online Auction Business for Success: An Experiment Comparing Two eBay
17 2008
Businesses
18 2002 An Optimal Strategy for Sellers in an Online Auction
19 2011 Study on Pricing Model of Online Auction under Competitive Strategy
20 2009 Online Auction Markets
21 2019 A note on stopping strategy of the auction: Maximization seller gain perspective
22 2013 Protection of Consumers in Auction Websites
23 2008 Online Auction Effectiveness: Optimal Selling Strategies for Online Auction Market
24 2014 Seller Strategies for Differentiation in Highly Competitive Online Auction Markets

2.1. Research on Bidders’ Strategies in single we will discuss later on. A few of the papers considering
the effect of buyout prices on consumers found that the
unit online auctions
probability of using the buyout price option highly
This section will present literature discussing depended on the individuals themselves. For example,
common strategies that buyers on online auction sites use risk-averse bidders and bidders who are in a hurry may
and the overall effectiveness of these strategies. We will be more likely to choose to use the buyout price [2-4].
consider first auctions with buyout prices and whether the Otherwise, the paper by Yang assuming risk-neutral
best strategy for bidders then is to use the buyout price or bidders concluded that if the valuation of the first bidder
proceed with regular bidding. Then, we will discuss the is greater than the buyout price and greater than a
best strategy for online bidding, particularly focusing on calculated certain value, then the bidder should choose to
the sniping behaviour and how the results weigh up use the buyout price. Otherwise, they employ the regular
against traditional strategies. bidding strategy. Auctions with permanent buyout prices
have buyout prices that remain throughout the course of
2.1.1. Auctions with Buyout Prices for Bidders the auction. The bidder strategies are very similar to those
in auctions with temporary buyout prices, except that
An auction with a buyout price is where the bidder throughout the auction, all of the bidders can choose to
sets a fixed value for the object, and there is the option to continue bidding or buy the object at the buyout price.
buy the object for that value without needing to bid for it. Yang writes that in a permanent auction, if the valuation
Yang defines the three main categories of buyout auctions is above a calculated different certain value that depends
as follows: auctions with fixed, temporary, and on the bidder’s values, the bidder should use the buyout
permanent buyout prices [1]. An auction with a fixed- strategy. Otherwise, they would bid normally [1].
buyout price is one where the sellers set a buyout price Meanwhile, Gallien and Gupta believe that a permanent
before the auction begins, and the bidders must buy the buyout could increase bidders’ profits since it
object at a price set by the seller. This is also known as incentivises late bidding [4].
regular online purchasing, and there is very little research
done on this topic as it is very straightforward. First, 2.1.2. Theory of Online Bidding Strategies: Late
when the bidder’s valuation is less than the buyout price, Bidding
a bidder’s best strategy is to simply not participate in the
auction because the bidder’s profit would be negative. The growth of online auctions has led to a
Second, when the bidder’s valuation is greater than the considerable number of papers discussing the behaviour
buyout price, the best strategy is to bid the buyout price of market participants in this new form of auction and
early. This decreases the possibility of other bidders how they are affected by auction ending rules. When
buying the object before you can [1]. Meanwhile, considering online auctions, observers will quickly
auctions with temporary buyout prices are ones where the notice one particular strategy utilized by many bidders
first bidder chooses whether to buy the object unique to online auctions. This strategy is ‘sniping’, or,
immediately at the buyout price or to submit a regular bid as defined by eBay themselves, “waiting until the last few
above the reserve price and begin a regular auction. If the seconds of an auction to make a winning bid”. Also
second option is chosen, the buyout price disappears. known as “late-bidding”, multiple scholars have
observed this practice and is undisputed in its existence
Since bidders here are not the first mover, most though a few studies show conflicting levels of behaviour.
studies on this topic focus on auction revenue to discuss Due to the prevalence of sniping, many papers have
whether sellers would implement buyout prices, which sought to understand why so many bidders, particularly

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on eBay, enlist this strategy and have attempted to the bidder is more disputed. The study conducted by Ely
investigate how this strategy fares against more and Hossain on eBay auctions of DVDs found that
traditional strategies such as bidding your valuation. though sniping did generally yield a greater payoff
Some earlier studies named irrational behaviour as an compared to squatting, this increase was very small, only
explanation for sniping behaviour. However, further around 18 cents which were 1.36% of their induced
research has led many to conclude that there are rational valuation [9]. Meanwhile, the study by Gönül and
reasons behind sniping behaviour. Roth and Ockenfels Leszczyc found like implications. They discovered an
compared the prevalence of sniping on Amazon, which inverse trend between final price and the estimated
employs a non-fixed end time compared to eBay’s fixed probability of sniping, which they took to suggest that for
end time, against eBay, proving that snipers do have a auctions with a lower ending price, there is more likely
logical reason for sniping on eBay. They introduced a to have been snipers participating. The exact likelihood
new theory that suggested sniping resulted from players and difference in ending prices were not considered.
implicitly colluding to avoid bidding wars and that it was Nevertheless, they concluded that “bidders who want to
a best-response against naïve bidders. By modelling a win an auction and pay the lowest possible price for the
private value auction, they showed sniping can lead to an item may want to use a sniping strategy.” (Gönül and
equilibrium, and, as long as the probability of your bid Leszczyc, 2009) [10]. A field experiment by Gray and
being successfully submitted is greater than a certain Reiley also found that, on average, sniping yielded 2.54%
value, that equilibrium payoff is greater than the payoff lower prices than squatting, with an average price
of the equilibrium where both players bid their valuation reduction of $0.50 ± $1.00 [11]. Finally, a study by
early on [5]. Later studies by Ambrus, Burns, and Ishii Halton found that the time that a bid is placed has very
agree with Roth and Ockenfels that bidders can implicitly little impact on the selling price. In other words, sniping
collude by bidding gradually or by waiting to bid until has very little impact on the surplus earned [12].
the last minute [6]. Multiple papers have explained how Therefore, we can generally say that most research shows
sniping benefits in auctions of objects with common- that sniping increases the probability of winning an
value properties by allowing more informed bidders to auction. However, the surplus gained from sniping is very
avoid giving less informed bidders information about the small on average. Furthermore, this surplus gained is
product’s true value. This can theoretically help keep the only attributed to the existence of naïve bidders, where
price of the object down [5, 7]. This view is, as far as I sniping is only an optimal strategy against them and not
can tell, completely uncontested. Some later papers like against other sophisticated bidders [5, 9].
Gonzales and Hasker’s, which found empirical data that
they took to indicate that bidders are not using the “snipe- 2.2. Research on the Seller Strategies in online
or-war” strategy suggested by Roth and Ockenfels, even auctions
suggested that small changes in the model of the auction
to include small common-values could explain the model This section will present literature discussing
better [8]. So, while views towards common-value common strategies or auction types that sellers on online
objects are universal, perhaps more research needs to be auction sites use and discuss the best strategies that
done on the instance of sniping in private-value auctions. sellers should utilize to maximize their profit. Research
based on sellers’ strategies is divided into three
2.1.3. Empirical evidence of late bidding vs subcategories: buyout price auction, a model involving
alternative strategies marketing and social factors, and evaluation on an online
auction.
Now that researchers agree that there are rational
reasons to snipe, multiple papers have attempted to 2.2.1. Auctions with Buyout Prices For sellers
answer whether sniping is a strategy that bidders should
consider actively using in the real world. We will look at A buyout price auction was devised to appeal to
this in two ways. Firstly, does sniping increase the impatience or risk aversion, allowing bidders to purchase
probability of winning an auction? Secondly, does an asset quickly through an online auction. Two ways to
sniping increase your surplus compared to alternate categorize buyout price are developed: temporary buyout
strategies? Generally, studies all find that sniping versus permanent option and still versus dynamic buyout
increases the probability of winning the auction. Ely and price. Researchers study how buyout pricing can
Hossain found that in two identical auctions, sniping optimize the seller’s revenue, the varying benefits
increased the probability of winning an auction by around achieved by different types of buyout options, and the
9% compared to the benchmark strategy of squatting possible benefit given by dynamic buyout prices that
(submitting a high initial bid of your valuation at the start change over time by creating a game-theoretic model.
of the auction) [9]. Gönül and Leszczyc also found that The Nash equilibrium shows that permanent buyout
there is a greater probability of a bidder who is a sniper options outperform temporary buyout alternatives in
winning the auction [10]. However, whether sniping terms of revenue while providing incentives for late
results in a lower final price and thus a high surplus for bidding [4]. In terms of patience, the perfectly patient

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seller chooses the regular auction; those with a medium in popularity, prompting greater review and reflection to
range of time impatience are inclined to buy-it-now improve. The first point of concern is safety. While
auction; those who concern the most about time millions of transactions take place on this auction site
sensitivity adopt fixed price listing [13]. Also, the every day, the research raises the question of whether
research brings out how sellers choose these strategies auction websites provide adequate consumer protection.
with their respective consequences. In the counterfactual Then it provides a better technique for providing
analysis, it is found that find a trade-off between the consumers with the proper level of protection [22]. The
expected revenue and sale duration for the three listing next step is to recognize its significance and conduct a
formats. The ideal reserve price is inversely related to the real-world application analysis. The introduction of
seller’s inter-temporal discount factor within or across internet auctions has considerably boosted the number of
listing types. This implies that the optimal reserve price customers who participate in auctions and the number of
for the buy-it-now auction is greater than that of the businesses attempting to sell their items via auction. The
regular auction [14]. On the other hand, in comparing still study investigates the outcome of an auction in a genuine
and dynamic buyout auctions, the numerical experience marketplace by gathering data from a large number of
manifests that dynamic options only raise the sellers’ internet auctions. It goes into greater detail about seller
utility by a small portion, being ineffective relative to its characteristics, auction parameters, the effect of supply
complexity [15]. In addition, the research compares the and demand, and how these factors affect auction
decision-making in a permanent online auction of bidders effectiveness [23]. The final stage delves into another
and sellers [16]. However, when other aspects such as topic: seller differentiation in a competitive auction
many sellers and desired objects are taken into account, environment, highlighting the online auction’s
the buyout price is found to be inefficient in the auction competitive tendency. For example, it investigates the
sequence. case of eBay and finds that the use of visibility-enhancing
and quality-signalling discretionary auction attributes
2.2.2. Model involving marketing and social affects auction outcomes throughout the auction process.
factors Furthermore, the results suggest that the number of
trustworthy vendors in an auction marketplace moderates
Online auctions, which permitted bidding, have the influence of these discretionary traits on auction
evolved into a new trade paradigm based on network outcomes. These characteristics, in particular, become
technology and auction technology. A seller’s goal in an increasingly effective instruments for distinction as
online auction is to sell products for the highest possible auction markets become more competitive, but seller
profit. Various models and analyses are presented in this feedback scores become less effective. In conclusion, in
area to provide effective tactics while taking social and addition to relying on feedback scores, online sellers
economic factors into account. Firstly, it examines if a must take a more strategic approach in selecting
greater e-image quality enhances bidders’ willingness to discretionary attributes in their auction listings [24].
purchase the product; and it concludes that e-image does
raise customers’ propensity to transact with the firm, as 3. CONCLUSION
well as boost auction prices [17]. The research then
presents an explicit closed-form optimal solution for the Key findings based on research is that when choosing
seller utilizing convex analysis techniques. This method between bidding and buyout in auctions with buyout
is distinctively attractive to online auction systems due to prices, depending on which option the sellers chose,
its solution to an instant decision, analysis of humanly bidders can make their choice depending on their
impossible data, and evaluation of bidders’ willingness personal valuation as well as their sensitivity to time and
[18]. A win-win pricing strategy for both internet aversion to risk as well. In regular bidding, bidders may
operators and customers is offered, considering factors consider using the sniping strategy, which, while it
such as information flow, corporate objectives, and doesn’t guarantee an increase in expected profit, does
hazards [19]. A dynamic model of sponsored search have a significant possibility to lead to an increase in
advertising auctions is also included in the study, which profit due to the fact that there are naïve bidders. To
is an innovative way for allocating premium advertising obtain the optimal strategy for sellers in online auctions,
space to advertisers on prominent websites [20]. Finally, articles view the competitive online auction market from
a binomial tree is applied to derive the optimal stopping different perspectives and provide solutions. Specifically,
time for the seller of a commodity. With various instances researchers compare different types of actions, mention
to highlight the value of theoretical results, it is observed the reason for the development of online auctions, solve
that it is the time point at which a portfolio containing a problems existing that bother both consumers and sellers,
bond and a call option reaches its maximum [21]. and analyse the different dynamics of auctions to
theoretically get the best result. According to the research
2.2.3. Evaluation of online auction statistics, articles about buyout price, modelling with
social factors, and evaluation contain the most quantitive
Today, online auction sites such as eBay have grown number of studies within the range of online auction

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