It does go higher (simple demand and supply) if they cannot find enough volunteers with the first offer. I have only seen this once - they offered $400, the original offer was $300. I was not even aware that they were taking volunteers till they made the second offer, so I took it. The agent at the gate gave me $300 in vouchers, and when I told him that it was $400, he confirmed with the supervisor and then gave me another $100 in vouchers. On the second $100 he wrote by hand that it was ok to combine with the first set (though I have myself not had a problem combining vouchers from two different bumps - even with a discount certificate as well).
BTW this was for a one hour flight. On another 3 hour+ flight I once got $200.
[This message has been edited by PG (edited 01-17-2000).]