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Even if the winning bid had been $3000, it wouldn't have changed the situation for everyone who lost the bid. By bidding $1, he only caused one person to lose
by Lawtonfogle 11y ago
Even if the winning bid had been $3000, it wouldn't have changed the situation for everyone who lost the bid. By bidding $1, he only caused one person to lose the bid, which is whomever bid second lowest.
- iaw 11y agoI understand where you're coming from but I disagree. Ignoring the emotional impact on the losing bidders I think that reducing the net payout of the market has a negative effect on all market participants. If he won at a bid based on cost it would have kept the market at a price level comparable for all participants. He won the bid by ignoring all cost which has the effect of lowering the entire marketplace by pushing prices down.
- Lawtonfogle 11y agoHe only pushed prices down compared to what the potential second lowest bidder would've bid. If the second lowest bidder was $1 (or even sometime withing a few dozen dollars of that), then there is basically no effect by his decision.