Thread: Things to address in 2.0: Open Descending Price Auction will not work

By a hinderance I mean this. Information once readily available, by arbitrary action, is then, not concealed, but reduced in accessibility. So, in order to obtain the information you used to, you now have to go through extra effort to obtain.

More information is always helpful.

It won't solve the issue with surplus items being produced but it should in theory provide market value based on what people are willing to pay.

Another issue is viewing surplus as an issue or problem. If there was a surplus of food, would that be bad? Excesses in supply and demand don't exist for long. If you allow prices to fluctuate, when there is greater demand than supply, prices will go up to a point where fewer people will pay at the higher price and you will no longer have excess demand. When there is excess supply, prices go down, and more people will buy things.

The only people who want to have less supply are those who think it is in their interest to have prices higher. Hopefully I've demonstrated so far that higher prices across the board don't accomplish much.

What you say about undercutting being a game to some may be true, but it also degrades the game for the rest of us who just want to list their item fast and have a chance that it will sell.

I'd suggest you price substantially lower. You might have a chance they will drop out of the market, but they might be able to outprice you. As I explained earlier though, when you each undercut each other at higher than equilibrium price, neither of you will be successful. If you play the game of undercutting, no matter if you win or lose in getting the lowest price for the longest time, you will lose out in the end for all the lost time you spend getting your goods sold.