P99 Auctions is Closing

[Tuurin]

Basic economics: Traders rely on price variation (buy low, sell high). If everyone pretty much agrees on a price for an item (historical and average price data provided by auction site) then trading becomes much less lucrative, since nobody really sells for less than value and nobody really buys for more than the value.

But if there's no set price (no auction site, no historical data) then it's the wild west again and those with more information (tunnelquesters) have a big advantage.

[fadetree]

Originally Posted by Tuurin [You must be logged in to view images. Log in or Register.]

Basic economics: Traders rely on price variation (buy low, sell high). If everyone pretty much agrees on a price for an item (historical and average price data provided by auction site) then trading becomes much less lucrative, since nobody really sells for less than value and nobody really buys for more than the value.

But if there's no set price (no auction site, no historical data) then it's the wild west again and those with more information (tunnelquesters) have a big advantage.

Not just more information; more patience. The primary adjuster of value in a situation like this is the relative willingness to wait.

[Thulack]

Originally Posted by Tuurin [You must be logged in to view images. Log in or Register.]

Basic economics: Traders rely on price variation (buy low, sell high). If everyone pretty much agrees on a price for an item (historical and average price data provided by auction site) then trading becomes much less lucrative, since nobody really sells for less than value and nobody really buys for more than the value.

But if there's no set price (no auction site, no historical data) then it's the wild west again and those with more information (tunnelquesters) have a big advantage.

A item is worth whatever someone is willing to pay. Someone with more money then time probably is fine with paying more then market price for a item to have it then. I see it all the time playing FIFA. People buy players off the market for 2x their value because they dont bother sorting through the 200 of the same card for sale just to find the lowest priced one.