A neat post about the 5th anniversary of Google’s IPO (Initial Public Offering), which used an auction mechanism to sell shares. The original price of $85 seemed outrageous at the time… but the stock is now selling for $445. A good reminder of the efficient market hypothesis!
PS. Another auction story, this one a bit crazier, about a site where you have to pay in order to bid.
Competing bidders spent a cumulative $2,337 in their losing effort to buy the $1,498 refrigerator, for example.
Buyers beware in situations that have parallels to all-pay auctions…