Subject:
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Re: no reserves on aussie ebay
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Newsgroups:
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lugnet.loc.au
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Date:
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Fri, 23 Jul 2004 06:09:29 GMT
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Viewed:
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1591 times
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In lugnet.loc.au, Kerry Raymond wrote:
-snip-
> Given the scale of ebay, a lot of people would argue that the "efficient
> market" theory ensures that every item (as described) sells for at least
> what it is "worth". Of course, "worth" here is what someone is prepared to
> pay, so I suspect it's a somewhat circular argument.
-snip-
Not exactly: What is is 'worth' is one bid increment more than the second
highest bidder is prepared to pay.
For example, if there are two bidders, one prepared to pay $50, the other
prepared to pay $100, then the sale price (without reserve) will be $51.
If a reserve had been set at $75, then the sale price would have been $75.
Of course, a second item, with the same reserve, would not sell at all...
(assuming the second bidder did not change his/her $50 maximum).
Cheers
Richie Dulin
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Message is in Reply To:
 | | Re: no reserves on aussie ebay
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| (...) guess (...) opinion (...) I don't recall being asked. But I would assume that ebay have a lot of stats about the "success rates" (the item sells) with and without reserves being used. Of course, success to ebay (the item sells) and success to (...) (21 years ago, 21-Jul-04, to lugnet.loc.au)
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