Re: An efficient market?
ThomD
>Better doesnt make it efficient. And you are certainly right about how good it is compared to what we previously had. A market efficeint or otherwise should be a bringing together of prices, ebay often functions just to bring local buyers together. One can see what everyone is doing on a particular product, but if its in any way difficult to ship, one is just seeing local transaction concluded between a few people which is a whole lot better than nothing, but not like a stock market.
If one thinks of Amazon, the stupid thing there was that it was an internet business, but not an internet product. It worked great for the buyers who got the subsidy, but the seller got stuck with a lot of bricks and mortar.
Ebay was a real internet business for ebay, since their basic business is a form of comunication, though it probably gets ugly the moment a human wants to talk to a human about something like a rip-off, that isnt a mechanical process at all. However, the market ebay serves is in most cases stuff that cant just be wired. Ive found ebay enormously useful when it came to finding machine tools, but its a heavily localized market (that Craigslist is in some ways better set up to serve, though it doesnt have the same volume). One knows that someone somewhere has a product, but its really difficult to know the condition, and most people will sit on the sideline if it isnt their area. I�ve largely found ebay is great for selling, but not so much for buying, though right at the moment I am on a mini binge of product.