For behavioral finance fans, the NYTimes magazine's annual review of ideas includes this unexpected insight:Low Starting Prices Lead to High Auction Sales.
The reason seems to be that low initial prices attract more bidders, and more bidding means that more people have invested more time in the auction. That, in turn, justifies the higher price in the successful bidder's final offer.
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1 comment:
Good grief! That "new idea" is as old as auctions.
Come to think of it, auctioneers must have been keen students of human behavior centuries before economists became interested.
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