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August 25, 2010

The amateur behavioral economist

Long ago, I posted a table of irrational behavior I observed on Ebay.  Buyers often buy gift cards, e.g., Amazon and Walmart, for a price greater than their face value.  It's been a while since that obsession; I peeked the other day to see how the supply of dumb people was holding up.

Alive and multiplying - here's a clip of some completed sales:

The first entry is a $25 dollar card, 8 bids, SOLD for $39
The second is a $200 card, BUY IT NOW, sold for $228.99
(Click image to see it larger, sorry poor resolution, but those are real results)

I should not be surprised, but I am.  I checked at Amazon and learned I can buy a $25 gift card and send it to any address I please for only $25.  No commission, no shipping.  I could not resist:

==>  fish in a barrel

Bookmark and check back next Wednesday morning.  This is amazing.

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