Word: sellers
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Dates: during 1990-1999
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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 high because they get to choose the lowest one being offered by any seller in the world. Location becomes unimportant. You're not penalized for being a seller stuck in low-traffic, low-price Bismarck or a buyer shopping in high-cost Manhattan. Auctions also minimize transaction costs ("friction...
...says Skoll of the August crash. "Poor Meg would catch an hour's sleep on a cot and then have to face the TV cameras." There have also been occasional embarrassments (and some probable hoaxes) that the press--and late-night talk-show hosts--have had fun with: the seller who put a kidney up for sale (the bidding was up to $5.7 million before eBay called it off); listings for a bazooka and other military weapons (also yanked). And, of course, the 17-year-old boy who put his virginity up for auction...
...Mart's website so crummy? Product selection has improved recently, but it's still puny. The design is underwhelming; search and navigation tools are weak. And don't try returning something bought online to a store. "It's the biggest toy seller in the country, and its toy site is terrible," says Forrester Research analyst David Cooperstein...
...also demands that time be measured ever more precisely. An accurate mechanical clock proved to be so valuable to the British maritime industry in the eighteenth century that the government awarded a hefty prize to its inventor, Joseph Harrison (a story elegantly told in Dava Sobel's 1995 best seller Longitude...
...mission," observes Quittner. "This is not about money. He lives quite modestly, considering he's worth $10 billion. He genuinely believes that come what may, he's going to change the fundamental equation between buyer and seller, putting more power in the consumer's hands...