Economics Week 11 First Come, First Served VS High Bid Wins

Prompt: “In what area of your life would you prefer ‘first come, first served’ to ‘high bid wins’? Why?”

I’m trying to find a reasonably priced piece of raw land to build a house for myself from scratch. This search is all about being the first and having the highest bid. If I were alive during the early days of American colonialism this would be easy; all I’d have to do is plant an apple orchard and that land would be legally mine. But I live in an age where land has been resold time and time again, and price has only continued to rise.

If “first come, first served” worked in real estate over “high bid wins” owning land as a young adult would be much easier. But if I were ever trying to sell land I would prefer the high bid to win. It all depends at what point in life an individual is at. The system is set up for the buyers to be competitive and the sellers to reap the largest benefit. Even though I would love to play god over the economy I recognize that it would eventually lead to my own downfall.

In conclusion this question is idealistic, and if it were experimented with in reality a lot of people would be ripped off. Even though it’s much more challenging for me to live in a high bid wins world it’s ultimately better for the society I live in.

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