A copy of Beyond Counting sold on ebay last month for $500, others can be found on the market for $600+. In a capitalist economy the market determines the value. If you think it is to high then don't buy it. Yes, there is the thought that a new edition is "on the horizon". I guess we should not buy the current edition of anything, but wait for the newer edition that is "on the horizon". How much money could someone not win by waiting? Also, you can always resell it.
"The market price" means what the participants in the market believe the "fair price" to be. To gain some insight into such collective valuations of "fairness" I could do worse than learn about both the vagaries of heuristics --and the way flocks move about.
Said market could be an straightforward auction, à la e-bay. (In which context, the infamous Winner's Curse kicks in! For more on this, I'd start with the eponymous book by Thaler.)
When I sold "Beyond Counting" on eBay, I started the bidding at $1.00, no reserve. That is if you REALLY have the balls and want the market to determine its' value; otherwise, you're trying to influence the market with a high beginning bid.
I have never kicked your puppy, nor have I kicked any puppy! I don't think you can determine the size of anyone's anatomy by how they post an item on ebay. If an item is offered on ebay cheaper then it can be found elsewhere then obviously it is not an attempt to influence the market because the market has already been established. The book has been purchased recently for $500 and can be purchased elsewhere for $600+. To offer something for less then it can be found elsewhere seems reasonable. Also, a quick glance on ebay showed very few books started at $1.
People put different value on different things. My car is what you may call an antique who's true value has not been recognized by the public yet. LOL I don't think I would spend a lot of money on an antique car though many do.
Now a real discussion might be on the topic of blood diamonds and the why's and how's of so much money being spent on tiny shiny rocks. I have to go feed my puppy now, only the best for her because I value her.
"When I sold "Beyond Counting" on eBay, I started the bidding at $1.00, no reserve. That is if you REALLY have the balls and want the market to determine its' value; otherwise, you're trying to influence the market with a high beginning bid."
For this tactic to be correct, the seller assumes that enough people are watching e-Bay and are ready to bid, to the extent that your initial asking price will be indeed increased until it reaches "market levels".
But suppose I wanted to buy the book you offered at e-Bay. I did not want nor expect to buy it at some very low, bargain price, but neither did I want to pay some very high price, way above fair. I simply wanted to buy it at "market price".
At the same time, the level of my discretionary income, along with my desire to own the book you offered, dictated that I could not pay more than approximately $4-500.
By your logic, if I have no idea what the "market price" would be, then I should not bid until the other bidders define the "market price" range. (Apparently the other bidders did not study enough Economics!) But perhaps the Seller not stating his desired minimum price and Bidders waiting for other Bidders to state their buying bids, are simply wastes of time. Perhaps I should rather get involved in the bidding when the price hits my approximate range and, thus, influence, the "market" as much as I can -- or I should even start the bidding with an offer at the lowest end of my range, eg $100, below which I consider the book a "steal".
Isn't the economics term "utility theory"? The value one puts on an item? If you have seen the recent Miller beer commercials a $20? hamburger is to high a price for the "high life". Yeah, especially when you can get the Mcd's double cheeseburger with mayo and onions for a $1. I may go get one, they are great! Oh, sorry off topic. Doesn't the market determine fairness? You can choose not to purchase, if you do purchase then you must think it is fair.
How much would the main character in the movie Citizen Kane have paid for rosebud? I would imagine much more then all of us.
I am not sure I understand you. The book on ebay is not in a vacume with no idea of market value. Again, if one sold last month on ebay for $500 and others are now available for $600 then there is an established market price or at least an idea of one.
I would imagine at least one person was outbid for the book last month by perhaps $20. Maybe this time they are willing to pay the extra $20 for the item, but of course only if they have the funds or value it that extra $20.
I would think if someone found where it was offered at a higher price and then a friend told them about ebay and it being offered for $500, then they would feel like they are paying under market value. I think it comes down to perspective and what you think has value.
Perhaps you listed it AT MARKET VALUE. If you did, you will find a buyer, if you did not, you won't.
My point was letting the market establish the "true" value, and you don't do that by an inflated minimum bid. I was basing my statement as being overpriced by a number of "Beyond Counting" books that have been sold over the last year and the fact a new one is set to be released. I may be wrong, it was my opinion, we'll see. Because one sold last week for $500 doesn't mean the market value is still at that level, market value moves up and down continuously based on a number of factors. The person who paid $500 for the book last week may have been the only person on the face of the earth willing to pay that much for it and now that they have one, has removed themselves from possible buyers. Then again, there may be more that are willing to pay even more for the book. The longer it takes for James to release the new book, the higher the value may reach for the old one.
Again, good luck, I hope you get as much as you can. Personally, if the new book is not released, the old one (in my opinion) is worth much MORE than $600!