Comment by immibis

1 year ago

Is this accounting for path-dependent utility? The utility of getting enough land to build a house to live in, and then losing it as soon as the house is built is severely negative.

Does it also account for actors who aren't perfect economic calculators with infinite information processing capacity?

In other words, does that system work for grandma?

4 comments

immibis

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MichaelZuo  1 year ago

A realistic system would definitely need to tack on an extra fee say 10% to account for real world friction.

So the selling price would be 110% the highest bid.

  • immibis  1 year ago

    It also gives rich people way too much power over anyone they hate. Suppose I have a billion dollars, you don't, and I hate you - I can buy your house, your next house, your next next house, and your next next next house, and you can't say no.