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To me that seems complete nonsense. I have sold stuff for more than the minimum price I would have accepted, and bought stuff for less than the maximum I would have paid. This must happen all the time, and there must be many transactions where the price that ends up being paid doesn't match the value assigned by both the buyer and the seller.

Your story seems like a frictionless spherical cows in a vacuum kind of economics theory.



I once had my property assessed for quite a bit above market value. I offered to sell it to the county tax assessor for about 10% below what he assessed it at, saying that if its value was really what he assessed it at, he could make a fat profit flipping it.

He didn't take the offer.

That's what a "nonsense" value is - a price nobody is willing to part with their own money to pay for it.




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