[SunRescue] Sun and Ebay
rwalkup at cheqnet.net
Wed Aug 23 18:51:06 CDT 2000
scohen - Stephen Cohen wrote:
> >Another sign that embay is becoming less and less of
> >a place to find fair prices...
> This remark goes far deeper than one might imagine. It begs the question
> "What is a fair price?"
> The whole point of an auction is to extract not a penny less than the
> purchaser is willing to pay. In this strictest sense, the market is very
> efficient and fair, i.e., if the purchaser is willing to pay, then it is a
> fair price to _that_ purchaser.
> However, part of the market's efficiency is determined by the amount of
> available information and by how that information is interpreted. Given
> that certain, requisite information isn't always available, then the market
> becomes less efficient.
> The above remark should be restated as "Another sign that Ebay is becoming
> less and less of a place to find INFORMED prices ..."
> Rescue maillist - Rescue at sunhelp.org
In addition, people get into auction fever. Some people get so into it that
they bid far more than the object (what ever) is worth.
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