Indeed! The primary reason to have an auction rather than a fixed-price first-come-first-served offer is to FIND the buyer who values it highest. This selection effect guarantees the price will be higher than others are willing to pay.
Indeed! The primary reason to have an auction rather than a fixed-price first-come-first-served offer is to FIND the buyer who values it highest. This selection effect guarantees the price will be higher than others are willing to pay.