What are the four major costs to consumers of participating in an auction?

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The major costs to consumers of participating in an auction are:

• Delayed consumption: Auctions can go on for days and the product must then be shipped to the buyer. Buyers will typically want to pay less for an item they cannot immediately obtain.

• Monitoring costs: Buyers must spend time monitoring the bidding.

• Equipment costs: Buyers must purchase, or have already purchased, computer systems and Internet service, and learn how to operate these systems.

• Trust risks: Consumers face an increased risk of experiencing a loss as online auctions are the largest source of Internet fraud.

• Fulfillment costs: Buyers must pay for packing, shipping, and insurance, and will factor this cost into their bid price.

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