Efficiency vs. Equality

The conventional wisdom was no Internet company would ever make money and all the ideas of the dotcom boom were stupid. Turns out that 2001-2004 was one of the best times to invest in Internet companies.

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Central to the [card]game are “bad ideas” that players try to get rid of.

One bad idea is name your price auctions:

Today the leading name your price auction is Priceline, which has a $20 billion market cap and made $750 million in profit in 2009.