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The Internet as a Third Party

The Internet as a Third Party. K. Steiglitz 10/27/09. WWS451. The Internet as a Third Party. K. Steiglitz 10/14/08. WWS451. . . . . English. Vickrey. e B a y. Squeeze out the juice. Private value model + Homo economicus. + Vickrey. + Nash.

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The Internet as a Third Party

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  1. The Internet as a Third Party K. Steiglitz 10/27/09 WWS451

  2. The Internet as a Third Party K. Steiglitz 10/14/08 WWS451

  3.   

  4. English Vickrey eBay

  5. Squeeze out the juice Private value model + Homo economicus + Vickrey + Nash = Revenue Equivalence and boring behavior

  6. Unique items vs. Commodities … put back the passion Frenzy Greed Spite Suspicion Impatience Doubt Obsession

  7. The online auction as a third party: • Trusted • Fast • Global • Low-cost • Convenient • Excites competition

  8. The online auction as a third party: • Trusted? • Fast • Global • Low-cost • Convenient • Excites competition

  9. The dark side • Bidder collusion • Fakes • Ethics of trading in antiquities • Shill bidding…

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