The auction begins

Arbitrage

I thank Paul Sherman and Loren Poulsen and Eliot Williams for the pointer; a related link is here.

Comments

That is hilarious!

i find it funny how they blurred out the phone numbers but not the silhouette of th epicture take in the window

'both' Paul Sherman AND Loren Poulsen AND Eliot Williams?????

error! noes not compute!

Sounds like a behavior economics experiment: leave some not-too-expensive item "lost" on campus, and post three signs with reward offers: $40, $50, $60. See which sign gets the most calls.

Hard to tease apart what respondents would be thinking -- maximize the reward, go with the middle, return to rightful owner, etc. -- since price differences alone wouldn't distinguish among the modes of thought. But there's bound to be a good experimentalist who could design it right.

Or maybe put up a single sign and vary its characteristics. Low monetary reward plus a picture of the lost item and a heartfelt plea, high monetary reward with minimal sterile text and no picture, and something in between. That would probably tell us which trait people respond to most (I'd guess the picture and plea, but who knows).

That's how we do it in my home state. Especially in and around B-mo. Honestly, it was almost certainly done out of jackass sarcasm. It's our best export and my only redeeming trait.

Sev.

Anyone read the comments on the original post?

"The REAL genius would be if the $51 offer was the real (and first offer), and the $50 was an attempt to APPEAR as the real offer by being overbid by the other offer!"

But then, wise economists would dismiss that silly notion, being fully aware that money prices are the only things that matter to rational beings.

Nice dude.

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