On the auction block...
is my Curtis MP257. So yeah, I've decided to sell it - current bid is CAD$40 by chard, and buyout is $60. (although it might be cheaper if i start using it, heh) IT IS OPENED caused we couldn't resist seeing what it could actually do. Turns out, it can also act as a usb key (usb2.0 btw!) So yeah, it's 256mb usb key, although the 256mb includes the space that the music file takes... It records voice, but has NO radio, etc. Anyway, back to work...
posted by whoami at 9:47 PM
11 Comments:
I bid $41! I think I mentioned that my exchange trip to AUS/NZ wasn't going to happen as a result of their wonky schedule...sigh...
Chard is bidding $41.01
It is now $20.51 (chard's bid). Start from this number.
i'll bid 45
-tim
Tim's confirmed $45... wtf... lol, from $20.51 to $45... dude... i thought you're doing econ!
i am... and i am taking advantage of some insight i have into chard's utility function which you revealed.... that he's willing to pay at least up to $40.
Assuming he's a rational individual, economic theory dictates that there would be no point in bidding anything below that.
In fact, there's a lot of economic theory devoted to the mechanisms behind auctions. I find it interesting that you proceeded with the standard "English" auction.
Why not do a sealed bid auction in which everyone just emails you the price he/she is willing to pay and give it to the highest bidder? that way, everyone reveals his/her reservation price and there is no need to drive up the price at the last minute?
Or why not modify that with a 2nd-place or 3rd-place option, in which the person who bid the highest then gets the item, but pays the amount equal to the 2nd highest bid? That way, the person who really wanted it the most gets the item, but you don't gouge him/her with the high price he/she offered.
Or if you wanted to gouge, you could have opted for a Dutch auction, in which you start ridiculously high, and successively lower the price until someone bids.
I personally think you should have done the sealed-bid 2nd-place auction cause i think i would've won that, and not paid an overly high amount of money.
Even though there is a ridiculously complex mathematical proof that, on average, all these auction mechanisms yield the same payoff in the end.
Ok, if it's $20.51, then I bid $21. =) This is going to be interesting.
Man, why'd this get so complicated! (!#@! Tim)
Sorry, $21 cannot be accepted as it is currently $45...
Those auction mechanisms sounds interesting, but I don't think I can change it again. Changing it once was bad enough.
Again, it's $45. I suggest ppl leave it till friday b4 bidding any higher as I don't want to gouge ppl too...
Ooops! Sorry about that...I obviously missed a few posts and got confused. Ok...well, I will withdraw from this bidding, as it is more economical to buy a brand-new one and get it shipped to me for under $50. Have fun!
wth, where??? Now I'm interested, ha ha ha! It'd better not be refurbished or anything and needs to be 256mb usb key/mp3 player!
Post a Comment
<< Home