Economics Expert Featured in NPR

Insight from Bisrat Kinfemichael, Ph.D., associate professor of accounting and finance, was featured in the NPR year-in-review article “A Look Back at Some of the Biggest and Weirdest Auctions of 2023.” Kinfemichael’s quotes, which NPR first featured in February 2023, discuss why a first-generation iPhone sold for more than 100 times its original cost during an online auction. He notes that demand-side factors have made unopened first-generation iPhones into “extremely rare commodities, similar to precious metals.” In addition, bidding websites like eBay have made it easier for buyers and sellers to find one another—possibly creating more potential buyers than ever. 

“Substantial wealth has been created since the release of the original iPhone [in 2007]. It’s possible that some individuals who have benefited from the creation of wealth in the technology industry may highly value such devices and be willing to spend a lot of money on them,” he says.