Reflection of time preference. When the things first came out, the time
at which one could be expected to be had at the stores was far off. Now,
it's not so far off and so prices are lower. Will converge down to
MSRP....
Eric Crampton
On Tue, 19 Dec 2000, Ananda Gupta wrote:
> On further reflection, I realized that I had not considered eBay's time
> delay, which of course allows "sniping" (outbidding someone at the last
> second, while they are away from the computer and unable to respond). Of
> course sniping is technically irrational, or perhaps it is a rational
> response to others' irrationality -- I'm not sure. In any case, the actual
> final selling price was closer to $450 than $350 in the dozen or so
> auctions I checked, so the market has not quite cleared, but it certainly
> displays some elements of a perfect market.
>
> Ananda
>
>
