A dot-com is born
The Lewiston Sun-Journal reported on Elliot Moskow ’10 of Coral Springs, who is chairman and CEO of Pricefalls.com, Fla., a startup that hopes to turn the conventional model of online auctions upside down. Unlike eBay and its ilk, where bidding drives up the price of an item, prices on Moskow’s site start high and decrease at regular intervals. What Moskow calls “gravity shopping” is the same idea as a Dutch auction. “I think the idea is very good. It’s a tough market to enter,” Dmytro Zhosan, an economics instructor who teaches Moskow in the course “Game Theory,” told Lewiston Sun Journal reporter Kathryn Skelton. Dutch auctions create a fun buying experience. “Instead of a race to the top price where people with less money get shut out early,” reporter Skelton wrote, “it’s a race to the bottom price for everyone.” (Original Text no longer available)
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Tags: dutch auction, Pricefalls.com.