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Penny auctions are a great platform wherein you get to see a blend of participants practicing Game Theory along with some psychological tactics. Every move that is made, every bid which is placed, is with the sole intention of winning the auction. But what is the key behind winning these Penny auctions? And the answer to this is Domination.

In order to win the Penny auctions consistently, you will have to use both the Game theory as well as part psychology. And the perfect way to do this is through Domination. This means as soon as you get outbid, you must immediately place a higher bid. When you do so, the chances of you winning various Penny auctions by being the last bidder when the timer turns zero, increase manifold. In penny auctions, this move gives you a psychological advantage over other bidders, who get an impression that you are a power bidder and they decide to withdraw from the game. It also has a long term psychological implication wherein the other bidders will try and avoid those auctions where you are involved. In auctions, each domination move implies an escalated threat of bankruptcy for the other player. Thus the Domination strategy works quite effectively in Penny auctions where one party heightens the threat of harm to the other, the losing party left with only two options - either to withdraw or to escalate the threat further. The whole idea is to give an impression to your opponent that any further move on his part will only ruin him further.

But this Domination strategy used in PA does not come without its own shortcomings. Do not employ this method of winning if the auction you are participating in has other big players. This is because they might be willing to spend more than you and can make you run for your money.

So the best way out to win penny auctions is by spending less and winning more. In Penny auctions, bid on only those items that you actually require, and better still go for buy-it-now items. Becoming aware of the things you need makes you spend on Penny auctions a lot more wisely. Keep a proper track of your expenses as every bid you make results in some money coming out of your bank account. No matter how many auctions you have been in; never get distracted even for a second as it might result in you losing the entire game. Go for different Penny auctions available at different sites as this will help you gain a varied bidding experience. And last but not the least, observe keenly. Even if you are not bidding for a particular item, do keep a strong eye and understand your competition before taking the plunge.

So now it is your turn to Get, Set and Go. Penny auctions have turned bidding into an extremely enjoyable experience. You just need to do your homework right and with a few basic tips in hand you will be all ready to rock the show. But always remember that at the end of the day, it is just a game and nothing worth getting really serious for. Happy Bidding!!! Πετρούλα Κωστίδου

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