Economist on Auctions: “For all their promise, many auctions have strangely disappointed. For online auctioneers, a problem is that customers face costs in time spent bidding, and the risk of losing the auction. Fixed prices can work better if they reduce time spent buying and the risk of not getting what you want. This may explain why few auction websites – eBay is the notable exception – have prospered.”

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Rajesh Jain

An Entrepreneur based in Mumbai, India.