Word: offing
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Dates: during 1990-1999
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Online auctions have their limits. Auctions are most useful for setting the price of goods of indeterminate value. (Some of the earliest ones were held by Roman soldiers selling off battle loot.) Auctions make more sense for items whose worth is uncertain (an antique chair or a used forklift) than...
Some of the impact will be more profound. Online auctions may destabilize the notion of a fixed price, leading buyers and sellers in all kinds of transactions to negotiate more over what items should cost. And they are likely to further erode the economic barriers between nations, speeding the way...
It all began with Pez and a man named Pierre Omidyar, now 32. In the summer of 1995 Omidyar's fiance (now wife) Pam, who collected Pez dispensers, was bemoaning how hard it was to find other people to trade with in the San Francisco Bay Area. Omidyar was already...
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Omidyar wrote some code and over Labor Day weekend of 1995 launched what he called AuctionWeb, which was supported on the $30-a-month Internet service provider he was hooked up to from home. (The site's domain name was www.ebay.com and eBay was the name that stuck.) There were...