On further reflection, I realized that I had not considered eBay's time
delay, which of course allows "sniping" (outbidding someone at the last
second, while they are away from the computer and unable to respond). Of
course sniping is technically irrational, or perhaps it is a rational
response to others' irrationality -- I'm not sure. In any case, the actual
final selling price was closer to $450 than $350 in the dozen or so
auctions I checked, so the market has not quite cleared, but it certainly
displays some elements of a perfect market.
Ananda
