eBay-Nomics
Now, however, economists and other social scientists are as likely to be interested in the quirks and inefficiencies of auctions -- and the irrationality of bidders -- as in their elegance. And since eBay, the hugely successful online auction site, offers a mountain of data about sellers and bidders every day, its glazed-eyed devotees are the guinea pigs for this new wave of research.The new work -- call it "eBay studies" -- highlights the degree to which human psychological quirks, and not just supply and demand, drive auctions.