ian unspoken

Study shows eBay buyers save billions
Buyers saved $7 billion that they might have otherwise been ready to pay

SAN FRANCISCO - Buyers save billions of dollars each year bidding on eBay auctions, according to a new study that quantifies the benefits online consumers enjoy over and above what is derived by sellers, or eBay itself.

The independent research by two statisticians from the University of Maryland’s Robert H. Smith School of Business found buyers saved $7 billion that they might have otherwise been ready to pay in a study of eBay auction behavior in 2003.

Applying the same analysis to 2004 buyer data, consumers saved $8.4 billion, said Wolfgang Jank, one author of the study. A linear projection of the research findings would mean consumers saved around $19 billion during 2007, Jank said.
(more…)

The Reserve Bank of Australia (RBA) raised interest rates on Wednesday, causing the Australian dollar to reach a fresh 23-year high. The domestic currency hit 93.74 US cents at 1330 AEDT - its strongest level since April 4, 1984 when it closed at 93.93 US cents.

The RBA lifted official interest rates on Wednesday morning by a quarter of a percentage point to 6.75 percent. This has brought rates to their highest level since November 1996. Prime Minister John Howard has apologised to borrowers for the consequences of today’s rise, but Treasurer Peter Costello insisted that rates have only gone up because Australians have never had it so good.

This is the first time that the rates have changed during a campaign election. However, Mr Howard said Australians should remember the ballooning inflation under the previous Labor government.
(more…)