posted on August 5, 2001 12:04:18 AM
Look at the BIG picture:
The second bidder was only willing to pay a TOTAL of $90, since they only wanted ONE item. The first bidder wants ALL 7. Is it reasonable that the first bidder will now have to pay $90+1x7 (that's $637) just because of this other bidder who was only willing to spend $90?
There is an obvious flaw in the auction system. Much to the seller's delight.
posted on August 5, 2001 12:15:33 AM
Ready for a lesson in REAL economics?
You say the demand is for 8, and that's why the price on the existing 7 should go waaaay up.
WRONG.
If the demand is for 8, then only the price of ONE item will be in contention.
If you went to that car lot and tried to outbid the guy who was trying to buy all the red cars, you would be very unsuccessful at getting ALL red car prices raised. It would be established how high you would go for one of those red cars, and if you couldn't meet the first buyer's price, the battle would be over. You wouldm't then proceed to raise the price of the remaining cars, since they would know you only wanted ONE, and that the price you are willing to pay for the ONE, is lower then the price the first buyer is willing to pay for any ONE red car.
Maybe you need a lesson in logic, and perhaps philosophy, to go with your lessons on economics.
