Estimating Bidders' Valuation Distributions in Online Auctions (2005) [pdf]

I used EBay and similar auction sites for the past 20 years, and recently started using Japanese auction sites. The main difference is that the Japanese sites will extend auctions for 5 minutes, whereas EBay and such will have a finite ending time / no extensions.

With the Japanese, it is really difficult to estimate prices - as I suspect more bidders fall for the sunk-cost fallacy. Auctions can extend for hours, as bidders throw in last minute bids. These are more “sniping-proof”

With EBay the price tends to be closer to the expected price.