tag:blogger.com,1999:blog-6048425.post258054521691434537..comments2023-11-02T15:32:15.417+00:00Comments on Bluematter.: Some Slightly Better Ebay tipsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6048425.post-38228810741338980862007-08-24T13:33:00.000+00:002007-08-24T13:33:00.000+00:00Hibernien - interesting post! However, I never sai...Hibernien - interesting post! However, I never said that 'observed behaviour on eBay doesn't fit well with theory-based predictions of consumer behaviour', or that 'the behaviour of buyers is in many ways contrary to economic theory'. I guess that the point here is that, when it comes to auctions, the assumption of perfect information that underlines simple economic models of consumer behaviour does not serve us well: buyers extract information from the observed behaviour of sellers and other bidders. My original post referred to the empirical evidence gathered by economists and did not refer to theory, but there is a long line of research looking into auctions and markets with imperfect information in general; there are several economic models out there that can explain the behaviour of eBay buyers within a framework of perfect rationality.datacharmerhttps://www.blogger.com/profile/07879072575647501066noreply@blogger.com