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Auerbach Weighs in for gTLD Lotteries
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IDG writes:Unfortunately, auctions do result in those with the deepest pockets winning whether or or not they are any better at it than those with few dollars for acceptance to the "club." This is truly nonsense. It displays a shocking lack of understanding about the way that markets operate. In a market, the party with the deepest pocket doesn't end up owning every resource. They way that profitable firms get deep pockets is by making profit-maximizing decisions. Firms will determine the potential economic value of their use of the TLD space and bid accordingly. If a small firm has a higher and better use for a TLD slot than a large firm, the small firm will outbide the large firm. ILG's argument is unsound as a matter of economic theory, and is contradicted by an enormous amount of empirical evidence about the way markets work.Lawrence Solum
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