Word: offing
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Dates: during 1990-1999
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Welcome to the eBay revolution. Auction sites are one of the hottest corners of cyberspace right now. Online bidders are eagerly competing for new ovens ubid.com and used microscopes going-going-sold.com) There are service auctions, where lawyers can underbid one another for assignments to register patents elance.com) and reverse auctions, where...
For an industry that's all of four years old, the dollar amounts are staggering: $4.5 billion in sales this year, and an estimated $15.5 billion by 2001. eBay is the dominant player in the online-auction world, with 7.7 million registered users bidding on some 3 million items. But...
Industrial players are also getting in on the online-auction craze, driving down the cost of equipment by bidding to buy it directly from suppliers. There are business-to-business sites for construction equipment ironmall.com and for farm machinery like cotton pickers farmbid.com) Bulk quantities of latex paint are up...
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Global auctions are the kind of ideal market Adam Smith could only have dreamed of. Sellers are, at least in theory, guaranteed a price that isn't too low: they get to sell to the highest bidder anywhere in the world. And buyers are assured the price isn't too...