“For instance, let’s say the range of offers we’re expecting runs from $400,000 to $500,000. First, if the cost of waiting is trivial, we’re able to be almost infinitely choosy. If the cost of getting another offer is only a dollar, we’ll maximize our earnings by waiting for someone willing to offer us $499,552.79 and not a dime less. If waiting costs $2,000 an offer, we should hold out for an even $480,000. In a slow market where waiting costs $10,000 an offer, we should take anything over $455,279. Finally, if waiting costs half or more of our expected range of offers—in this case, $50,000—then there’s no advantage whatsoever to holding out; we’ll do best by taking the very first offer that comes along and calling it done. Beggars can’t be choosers.”