Reversal of Fortune
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2. The price of the commodity should be the only variable left unspecified. If non-price elements (quality, delivery, lead-time, freight costs) are important, then partnering methods are more appropriate.
3. The auction has to produce some profit for the market maker. It must improve the efficiency of the market, producing value for both buyers and sellers so a portion of the added value can be extracted as earnings for the market number.
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