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A clever idea but I worry what happens to the people that miss out. They are either aware they've paid $2X (if you tell them) or they are aware that they've be
by nopassrecover 18y ago
A clever idea but I worry what happens to the people that miss out. They are either aware they've paid $2X (if you tell them) or they are aware that they've been "ripped off" (you are prepared to give it away for $0 so you must have at least 50% markup. Kind of like jewellery stores putting half price sales on $10-20k diamond rings). Either way you are associating negative feelings immediately and a sense of buyer's regret.
On a practical note, what stops them getting a refund and repurchasing until they get it for free.
- mechanical_fish 18y agoOn a practical note, what stops them getting a refund and repurchasing until they get it for free. Your other observation is good, too, but I think this sentence gets to the heart of the problem. The double-or-nothing transaction is irreversible, which is what makes it a bad one. People like commercial transactions that can be reversed. Ideally, both parties should walk away feeling like they got a fine deal, but that if the deal goes sour at any point in the near future (because a part was broken; because the customer had second thoughts) they would be both be willing to "undo" it without much harm done.
- harshavr 18y agomaybe you can make it reversible by refunding it on the same terms, i.e the buyer has the right to return the good to the seller, and the seller pays 2X or 0 with prob 1/2 to the buyer.
- nopassrecover 18y agoMaybe, but a) there may be statutory rights issue, b) this just seems likely to annoy people and c) you might run the risk of actually having to comply with gambling laws if you take money from people and offer them a chance of doubling it.