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“Under bilateral competition, market-price is determined within a range whose upper limit is set by the valuations of the lowest bidder among the actual buyers and the highest offerer among the excluded would-be sellers, and whose lower limit is set by the valuations of the lowest offerer among the actual sellers and the highest bidder among the excluded would-be buyers.”
Ludwig von Mises“It's a very sobering feeling to be up in space and realize that one's safety factor was determined by the lowest bidder on a government contract.”
Alan Shepard“It is a very sobering feeling to be up in space and realize that one's safety factor was determined by the lowest bidder on a government contract.”
Alan Shepard“It's unwise to pay too much, but it's worse to pay too little. Whenyou pay too much, you lose a little money - that's all. When you paytoo little, you sometimes lose everything, because the thing youbought was incapable of doing the thing it was bought to do. Thecommon law of business balance prohibits paying a little and getting alot - it can't be done. If you deal with the lowest bidder, it is wellto add something for the risk you run, and if you do that you willhave enough to pay for something better.”
John Ruskin