If you are running short of cash, there is a swift solution. Run a dollar auction game.
Or start you your own Penny Auction with the newly launched QuiBids Clone – easy to set up and easy to use.
So what is this Penny auction all about?
Penny auction or the dollar auction game was invented by Martin Shubik. It demonstrates the concept of “escalation of commitment”.
In simple terms, this game traps people into playing. The more you get involved, harder it is for you to stop.
It is the unusual auction formats that sell – like QuiBids Clone.
Here is a typical example.
Let us assume you want to sell your DSLR camera that retails for say $ 100.
The bid starts at a penny, and goes up at the rate of one-cent increments. The bidder however has to pay a consideration to participate – let us say it costs the bidder 50 cents for each penny bid.
Bidders jump in. As in any auction the one who bids the highest wins the resource – here the camera. Bidders are lured by hoping for a chance to grab the item at a bargain price. However, what happens can be irrational. The bid can exceed $ 100, the original value of the item.
It is a war of attrition where contestants compete for something of value. It is the irrational part that is exciting – when the bid exceeds the value of the resource.
The winner gets the item, but the losers also pay up.
The game has all the ingredients of the age old wisdom, “Expect the unexpected”.
Like in attrition warfare, the bidder who has the higher resources wins – because all the bidder has to do is wear down his or her opponent to the point of collapse even if the bidder himself or herself is continuously losing.
As the closing time approaches the site displays attractive objects for sale that are quite compelling.
It is the script of the non-zero sum sequential game that is exciting. Even if the odds end with disaster to all parties the game is addictive.
What makes all this so spectacular is that when bidders are looking for bargains, the penny auction website rakes in the moolah.
Yes, the webmaster has collected 50 c for each penny bid for an item costing $ 100 and in the process collected $ 5000.
Those who have installed QuiBids Clone swear by the bargains. They will tell you laptops, video games and microwave ovens were sold for a song.
For the bidders anyway, it all depends on whether they play for fun or for merchandise.
If you are playing for chance, then it is well and good. A penny game is as much respectable as a slot game or lotteries.
On the other hand if you are looking for good deals then compare the penny game to a discount retailer. The only difference of course is you may end up paying for the other guy’s shopping basket.
In any case QuiBids Clone can have features that make penny game compelling.
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