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Auctions

The Economic Logic blog drew my attention a new type of auction which began on websites like BidHere or Swoopo. This auction called Pay-to-Bid or literally auction to pay offer. What is this scam?

These are auctions where the action is not free to bid. On the site in question, either Once someone decides to bid, he must pay 60 cents to raise the price of 2 cents.

Seen from afar, it seems like a good deal because the amount achieved by the auction seems to be significantly lower than the retail price for most products. This is confirmed by a recent study showing that the final price at which the objects go on sale on average five times less than the price in store.

Nevertheless, two remarks. First, consider a randomly generated, such as a Playstation 3. At a time when I write, the level Bidding is around $ 50 for a product that is 300. If the auction has started, for example, $ 10, then there was 2000 on auction this product, which, at $ 0.60 bid, is $ 1,200, or 4 times the price of the product! !

Second, the system is designed so that after each auction, a countdown of 15 seconds starts. If nobody outbid, the product is sold to the highest bidder. Consumers are tempted to start bidding wars that are facilitated by the presence of an automatic bidding system: Consumers can ask the software to automatically bid for them. But in doing so, we enter a vicious circle: the more bids on a long product, the less one wants to drop the case! If you already outbid forty times on the Playstation 3 (or any other product), it has cost you $ 24. If you lose the auction, $ 24 will have been spent in vain. So there is a threshold at which it no longer wants to go back and we're willing to spend huge sums to win the auction, otherwise we will have more than his eyes to cry.

The study I quoted above do not seem moved by the problems posed by this type of auction. Yet this kind of site is successful, at best, a situation where consumers are the luckiest win deals to the detriment of consumers the less fortunate (like an online gaming site but without having the appearance!) and, at worst, to a situation where some consumers are going to ruin because they find themselves caught in the vicious circle described in the preceding paragraph.

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world SMEs are so sexy ...

It is very fashionable to declare that SMEs (small and medium enterprises) are more important than large companies. Maybe because the big companies are a target of recurrent fantasies of anti-capitalist? In any case, politicians like to declare that they will help SMEs . This Seller is sexy, and nobody can blame them come. Have they provided reason?

The underlying argument is that SMEs create more jobs than large firms . Yet a study conducted by three U.S. researchers shows that this statistical fact is greatly exaggerated. They claim that small businesses create many jobs of course, but mainly because a large proportion of these firms are young. However, companies that have just been created are highly likely to hire. In fact, looking at the relationship between firm size and the number of jobs created, we are victims of a statistical artifact. In reality, this is not the size that counts but rather the age.

So contrary to what politicians say, this is not the small businesses that are "the backbone of growth" or whatever else slogan rotten, but Young companies.

Second, the study authors say this may not be very wise to judge the importance of a category of business by simply looking at job creation. For while ups create many jobs, they also destroy much! Within five years, 40% of jobs created by start-ups are destroyed, which moderates the balance a bit. The reason is that young companies are often an opportunity to start new risky projects undertaken by entrepreneurs a little too confident in their chances of success and the risk of failure is high. The jobs do not count among the most stable.

Should we all refrain from supporting start-ups? No, because the economy grows by a process of trial and error. Young businesses, although they are likely to disappear quickly, are responsible for many innovations sources of growth. It is impossible to have a lot of innovative companies without at the same time many companies trying to innovate but that break the mouth.