My econ teacher wants to discuss this in class. In a Dutch style auction, in which the bidding for items starts high and is increasingly lowered (and customers, therefore, end up paying higher prices for fear of waiting too long and being outbid), is there anything that buyers can do to avoid paying the higher cost?
My guess would be that buyers could negotiate among themselves prior to the auction, but I feel like this theory is looking too deeply into the matter.
My guess would be that buyers could negotiate among themselves prior to the auction, but I feel like this theory is looking too deeply into the matter.