Penny auction is a fee auction bidding system wherein a small non refundable fee is charged per participant in order to place the first incremental bid. Post this; the price as well as time keeps on increasing with each successive bid that is placed. The participant, who is the last to place his bid when the timer comes down to zero, is the winning bidder. The winner of the Penny auction has to pay the final bid price for an item which is much lower than its retail price. The auctioneer makes money through the winning bid payment as well as fees received for each individual bid. There are a large number of Penny auction websites available with some of them even auctioning popular items like iPods, holiday packages, concert tickets, etc.
quibids scam
The entire concept of bid fee Penny auction is based on the "Dollar Auction", propounded by economist Martin Shubik along with his colleagues. More than the knowledge of placing bids, in order to win a Penny auction one must be aware of the Game Theory and the tactics to intimidate your opponent. This holds particularly true for power bidders. Power bidders in a auction are those bidders who bid to win, with their bidding costs far exceeding the item's actual value. If you take a look at the Penny auction's winning history, you will observe that at least once in his entire term, a power bidder has spent many times over the actual price of the product. Power bidders follow such tactics in order to intimidate others and gain a reputation, so as to dare others not to mess with them at any costs. In this manner, a simple auction becomes a psychological game. It's a proven fact that once a bidder has shown himself to be a power bidder, the chances of him winning all subsequent bids at a price much lower than the actual cost of the item increase manifold. This way the bidder can also make up for the initial over spending.
quibids login
But this power bidding strategy used to win a Penny auction has its own fall out. In a PA, if one power bidder comes into a head on collision with another of his kind, neither of them will get a deal and only one will win, and that too at an extremely high price. Thus the deal is to avoid getting into Penny auction burnout. While bidding, you need to take the game seriously but do remember that it is a game, so don't forget to have fun. Try and bid for only those items for which you have a need; avoid bidding on every other item unnecessarily otherwise you will end up spending a lot of money on things which you do not want. When the Penny auction is not going as per your plans, step back and take a little break to relax yourself. And most importantly, learn to exercise control over yourself. Before stepping into a Penny auction you must know how much money you can stand to lose and where to draw the line.
Being humans, all of us want more value for our money spent. And the best way to experience this thing is to bid in a Penny auction. But one must remember to set boundaries and play the game wisely instead of getting into ego clashes, which will ultimately take away all the fun and leave you frustrated.
quibids reviews
Having successfully started a number of small businesses, and advised business owners as a business consultant, Chad Nilsson is very familiar with the difficulties that small business owners face. He now helps individuals, small businesses and network marketers with their online marketing efforts.
quibids scam
The entire concept of bid fee Penny auction is based on the "Dollar Auction", propounded by economist Martin Shubik along with his colleagues. More than the knowledge of placing bids, in order to win a Penny auction one must be aware of the Game Theory and the tactics to intimidate your opponent. This holds particularly true for power bidders. Power bidders in a auction are those bidders who bid to win, with their bidding costs far exceeding the item's actual value. If you take a look at the Penny auction's winning history, you will observe that at least once in his entire term, a power bidder has spent many times over the actual price of the product. Power bidders follow such tactics in order to intimidate others and gain a reputation, so as to dare others not to mess with them at any costs. In this manner, a simple auction becomes a psychological game. It's a proven fact that once a bidder has shown himself to be a power bidder, the chances of him winning all subsequent bids at a price much lower than the actual cost of the item increase manifold. This way the bidder can also make up for the initial over spending.
quibids login
But this power bidding strategy used to win a Penny auction has its own fall out. In a PA, if one power bidder comes into a head on collision with another of his kind, neither of them will get a deal and only one will win, and that too at an extremely high price. Thus the deal is to avoid getting into Penny auction burnout. While bidding, you need to take the game seriously but do remember that it is a game, so don't forget to have fun. Try and bid for only those items for which you have a need; avoid bidding on every other item unnecessarily otherwise you will end up spending a lot of money on things which you do not want. When the Penny auction is not going as per your plans, step back and take a little break to relax yourself. And most importantly, learn to exercise control over yourself. Before stepping into a Penny auction you must know how much money you can stand to lose and where to draw the line.
Being humans, all of us want more value for our money spent. And the best way to experience this thing is to bid in a Penny auction. But one must remember to set boundaries and play the game wisely instead of getting into ego clashes, which will ultimately take away all the fun and leave you frustrated.
quibids reviews
Having successfully started a number of small businesses, and advised business owners as a business consultant, Chad Nilsson is very familiar with the difficulties that small business owners face. He now helps individuals, small businesses and network marketers with their online marketing efforts.