24 Apr
2003
24 Apr
'03
4:10 a.m.
My favorite idea is simply to have sealed bids. That
is, you don't know
the
high bid until the auction closes. Doing it that way prevents last-minute
psychology from causing bad decisions.
--
Jeffrey Sharp
Why would a seller ever buy into this system? The only thing the seller
cares about is getting the best price. Further, that is all that eBay
cares about.
NO SYSTEM that make it easy to get a steal, will ever be adopted. The
only systems that will ever win out are the ones that offer sellers high
returns. The seller will simply choose the medium that will offer the
greater return.
You say the bidders will just go where there are lower prices. But the
problem is there won't be anything to buy. Collectible type items have a
fixed number available and there will always be someone who is willing to
pay a higher price. So, the sellers have all the cards in this game.