your definition of lowballer is very subjective. you say 9 % is not a lowballer. i say it is. i bid 20%. that 9 % lowball guy has prevented the yield to reach 20%.
our definition of lowballer is not subjective. as long as you helped to lower the coy, you are a LOWballer. you caused the yield to be LOWer
Tne big problem with your definition is that u cannot say if someone is a lowballer or not until u know the COY.
Say X's best alternative is 4% so say he bids 3.9%. In my definition, he is Not a lowballer because he has bid intelligently taking into ac his own situation.
Now, in your definition, If coy is 5%, he is a lowballer because he is successful. But if coy is instead 3%, then he is suddenly a hero! Is this logical?
In your logic, Everyone who is successful IS a lowballer. So why bother with the term? Just call them bidders!