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and I would say that half the time
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somebody buys something for more than it's worth to them.
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Nobody made a mistake
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and it almost came out exactly as it should,
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but we'll come to that in a second.
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Anyway, that double auction is the most complicated kind of auction,
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but auctions have been run for a long time.
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The first recorded auction you may have heard about was
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Herodotus describes
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the Babylonian auction in 500 B.C.
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These are all going to be very politically incorrect,
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but a lot of economics is politically incorrect.