Archie,

First let me say we're not dealing with the real world we're dealing with ebay.
Secondly you're loking thru the eyes of a buyer. I'm looking thru the eyes of a seller.
Of course I want people to bid early and often. I still don't care if someone snipes at the last second in fact I want someone to snipe at the last second.
When it comes to bidding, I bid the most I am willing to pay at the last possible second.
If it wasen't enought so be it, someone else wanted it more. There will be another one coming along soon. Most times when I win an auction it is for less that what my high bid was.
Ebay and true value have absolutely nothing in common. More than once I've sold a chip for much more than I thought it was worth. But who am I to tell the person bidding what it's worth. Each person has to decide that for themselves.

Best regards,
Ralph