[lit-ideas] Re: Or Best Offer: A Popperian Analysis
- From: Donal McEvoy <donalmcevoyuk@xxxxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Sat, 5 Jun 2010 10:00:06 +0000 (GMT)
First, we identify the problem. Here it is getting the _best_ price. This is
why the expression O_B_O is seen as a possible solution. We compare that
solution with alternatives - e.g. "ONO" as used in UK, which stands for "Or
_nearest_ offer". The "OBO" solution has one theoretical advantage in that,
while it and "ONO" are equivalent when dealing with bids below the asking
price, OBO is better when there is a bidding war: if the asking price is £1000
but two keen customers offer £1500 and £2000 respectively, the _nearest_ of the
these to the asking price is £1500, whereas this is not the best offer. A
further disadvantage to "ONO" is that it is a subliminal reminder of an
unpleasant Japanese woman who marrried a Beatle.
Others critique this analysis by pointing out that since both terms specify
that it is the customer's bid that constitutes the offer, the seller is
therefore free to accept whatever is the best offer even if "ONO" was used.
This in turn has been criticised as not addressing the "unpleasant Japanese
woman who married a Beatle" point.
Donal
Popperland
Belfast
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