Free Markets and Gaming

[Skinar]

Related to the Gas Price post:

I once had the opportunity to speak a group of bright high school Seniors about being a small business owner and the good and parts thereof. I posed the following question as an opener:

If I own a 1995 Oldsmobile 88 (in fair condition) and Kelly's Blue Book says it is worth $5995 retail and $4495 wholesale, how much is it worth?

Nobody came up with the answer I was seeking. I think the answer correlates directly to gaming. Any takers?

 

[djv]

Yes. To me its worth X. To you the seller its worth what you want from it. That is your X. The buyer will deside how close you get to your X. Unless you deside you don't care to sell it in any big hurry. But that cost money for you to have it sit there. So everyone shops for value in there plays. Now what is your value, may not be mind. Now you are gaming/gambling with each one of those customers. Your betting on your amount. They are trying the odds as to how low you may go. It can end up a draw. But you set the odds with the asking price.

 

[Neemer]

It's worth is determined by how much a particular person will pay for it. Kind of like diamonds.....

 

[Skinar]

Son of a gun

I was right. I figured the folks who play a lot would get the answer right, and both you guys are obviously right on target. Very refreshing. And thank you.

Skinar