Penny Auctions Won By Strategizing
Are you familiar with the game penny auction? If you answer no, then you must know what penny auction us. The penny auction is the most popular way of buying and selling things. In this game, the bidders pay for each of the bid that they make and as the time increases the bid also increases. The winner of this game is the one who bid to the last remaining second.
Everyone who plays this game really wants to win. Everyone is determined to really win and get the item that they want. Winning this game is not impossible but you have to be equipped to win this game. There are two famous and proven strategies in winning this game.
The first penny auction strategy is the “Against better players” - when two bidding players play against each other, there are few possibilities of the outcome. First is when the first player bids a large amount against the other player. Second, both players won’t pull out and lose a large amount of money. Third, one of the players pull out late and loses a large amount while the other player loses a large amount. In the end, the one who wins is the one who in the long run acts the most irrationally.
The second strategy is the “old prisoners’ dilemma” – this occurs when two big players square off. They each have two choices with different outcomes that can affect them and the other player. If they choose to work only for winning then in the long run both of them will experience a better outcome. If one of the players choose to play in interest of their freedom, the other player will usually not and the first player loses more in the long run. The only way to play and win this game is to win no matter how much the cost is.
Everyone who plays this game really wants to win. Everyone is determined to really win and get the item that they want. Winning this game is not impossible but you have to be equipped to win this game. There are two famous and proven strategies in winning this game.
The first penny auction strategy is the “Against better players” - when two bidding players play against each other, there are few possibilities of the outcome. First is when the first player bids a large amount against the other player. Second, both players won’t pull out and lose a large amount of money. Third, one of the players pull out late and loses a large amount while the other player loses a large amount. In the end, the one who wins is the one who in the long run acts the most irrationally.
The second strategy is the “old prisoners’ dilemma” – this occurs when two big players square off. They each have two choices with different outcomes that can affect them and the other player. If they choose to work only for winning then in the long run both of them will experience a better outcome. If one of the players choose to play in interest of their freedom, the other player will usually not and the first player loses more in the long run. The only way to play and win this game is to win no matter how much the cost is.