The act of bidding on an item in an auction setting in desperation or anxiety of weather someone else will purchase the item you have become emotionally engaged in.
Paying too much for an item on ebay because it is rare and the audience is so wide spread you feer someone else will win the item. Other examples include Barrett-Jackson auction and over paying for a classic car because of egos and money. I was panic bidding on the ferrari because it was a great deal and there were too many other bidders and was afraid of being a loser.
by Jeff Johnson jjay911 March 17, 2006