Rakesh V. Vohra Famous Quotes
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The Cubs are a major league baseball team based in Chicago. Apparently, the team was once cursed by a goat and is doomed now to never win the World Series. The 71 seats [auctioned by the Chicago Board of Exchange] are adjacent to the Cubs' dugout on the third-base line. This is an unnecessary detail needed to give color to what would otherwise be a dull and uninspiring narrative.
Auctions are a venerable selling institution, in use since the time of Herodotus. The word comes from the Latin auctus, meaning to increase. An obscure term for auction, one guaranteed to impress friends and neighbors, is the Latin word subhastare. It is the conjunction of sub, meaning "under," and hasta, meaning "spear." After a military victory, a Roman soldier would plant his spear in the ground to mark the location of his spoils. Later, he would put these goods up for sale by auction.
¹The highest bidder was called the emptor, whence the term caveat emptor.
In each case, the relative cost of postponing the purchase for buyer and seller determines the intensity of competition between the [past and future] selves of the seller. If the buyer has a lower cost of postponing the purchase (delay, making do with an interior model) than the seller (inventory, staff salaries) the buyer has the bargaining power.
