Re 5 and 6, that’s why most normal purchases aren’t conducted via auctions: if there’s little variability in the product, it’s not rare or hard to find, and it’s been sold enough that the information asymmetry is negligible, just stick a price tag on it.
Re 5 and 6, that’s why most normal purchases aren’t conducted via auctions: if there’s little variability in the product, it’s not rare or hard to find, and it’s been sold enough that the information asymmetry is negligible, just stick a price tag on it.