The allure of penny bidding is now getting more popular with many people, making each bidding round demanding. However, few people are applying the idea of game theory in penny bidding. Known as the 'mathematics of strategy', game theory states that if players use the most rational strategy, the result can be predicted.
In order to do this to work, you should how fellow bidders react and that to your positive aspects.
Avoid bidding on websites online that receive a lot of media exposure. When a penny auction site becomes popular, the influx of bidders make it much more difficult to emerge as last one to click the button when the timer reaches zero.
Websites don't necessarily have to keep the news turn into popular. Watch out for sites on a zealous Pr drive, or has a bigger marketing campaign. Chances are, an involving people like you will be intrigued and go to the site, resulting additional competitors.
You are improved off playing in the new site with fewer bidders, look relatively unknown site where fewer surfers could stumble directly on. This limits the playing field to a handful of users, and increases your odds of winning the thing. Fewer competitors also means fewer bids, so that entertainment the item doesn't rocket sky-high.
Keep track for the big names
In any penny auction site, there will be a number of people which make it 'big time'. These pros usually receive benefits and can greatly alter the dynamic of an ongoing bid. As such, you need to be able to guess the action of major players on the market. Use this to your advantage: steer clear of auctions that attract the big names, or if you have already bid, reduce your losses and grow. A sharp identification of competitors and shrewd involving their motives is essential if you should be avoid being amongst the small players who needlessly throw away cash in futile bids.
During bidding frenzies, it's common for your price of an item to become better than its true value. Hence, a 'bubble' is born, where high speculations inflate a product's true worth. Normally takes happens when beginners get pulled in on auction where they consider each bid to be some sort of 'investment', rather than recognizing that they're artificially inflating certainly the item.
Bubbles can be calculated by comparing the closing price of the item with the true market pricing. Rather than stubbornly staying the course, remember to keep an eye on an item's true price and fallout from the competition if you see a bubble start to form. No bidding war is worth your pennies if for example the item ends up costing way greater than those sold in Wal-mart or any place else.
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