On Wed, 2009-09-30 at 14:48 -0400, Ray Sills wrote:
> I remember once seeing an item for sale at a hamfest. It was a
> fairly new transceiver, IIRC. Anyway, the seller posted a price for
> it which was fairly high, but then also posted that every 10 minutes
> (or some interval like that) he would lower the price. And he did.
> I guess it was an inverse auction... start high, and work downwards.
> Anyway, after not too long.. maybe an hour, once of the interested
> "lookers" caved in and bought the rig. I recall chatting with the
> seller later in the day, and he said that he would have kept reducing
> the price until the hamfest was over if he hadn't sold it. I guess
> we'll never really know! :)
> 73 de Ray
> Warrington, PA
That's called a Dutch Auction. Used a lot in the Netherlands for
commodities and flowers.
Most hamfests turn into Dutch Auctions, not necessarily so formally as
the one you reported. Buyers often wait until the last minute to try to
buy. Sometimes it works, sometimes you miss the purchase. Sometimes if
you had made an offer up front it would have bought lower than the
asking price. Such is marketing in the bazaar trading floor.
73, Jerry, K0CQ
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