Synthetic Worlds: The Business and Culture of Online Games, by Edward Castronova, talks about this sort of thing. You'd probably enjoy it.
Also, I've read something along the same lines as what you're talking about. I don't recall if it was in Synthetic Worlds or not, but there are definitely people gaming auctioneer.
There's a vendor in Stormwind next door to the Auction House that sells some rare Recipe. I'd REGULARLY make money by checking that vendor to see if it had restocked (it only carried a couple at a time and then had downtime), buying out the Recipe, and relisting it for more right next door at the Auction House. Easy money.
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Also, I've read something along the same lines as what you're talking about. I don't recall if it was in Synthetic Worlds or not, but there are definitely people gaming auctioneer.
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