Sniper bidders dominate house auctions, winning more and paying less!
This article looks at how people bid at auctions for houses in Dublin during a property boom. They compare early bidders to late bidders (snipers) and find that snipers win more auctions and pay less. Bidders may copy others' bids and use traffic as a sign of value. Snipers can signal they will keep bidding higher, scaring off competition. In the end, snipers seem to have smart strategies for winning house auctions.