We often go online and search in order to find things that we want. We go to the internet to search and find things because the internet has a wide market and we can often find here the best buys. We can find in the internet individuals or companies that have lots of things to sell either brand new or second hand/slightly used. There are a lot of ways on how to buy and sell things in the internet but the most popular and the most enjoyable to buy and sell things is through the penny auction.

In playing the penny auction, the bidders are going to pay per bid and as the time increases, the payment per bid also increases. The winner is the one who bids last when the timer has reached zero seconds.

The penny auction is played by a lot of people who are determined to win but there are two strategies on how to outrun them all. The first strategy is the “against better players” strategy. In this strategy, we should think of every possible outcome: when the first player bids a large amount against us, when we both pull out and lose a large amount of money, and when the other player pulls out late and loses a large amount and we also lose a large amount. The point of this strategy is to act irrational until we win the game. The second strategy is the “old prisoners’ dilemma” strategy. In this strategy, we and the other players square off. We only have two choices here with different outcomes and can affect us and the other players. If we choose to work only for winning then both of us and the other player will have a better outcome. If we choose to play in interest of the other players’ freedom, then we will lose a lot in the long run. The point of this strategy is win this game no matter what the cost is.

In playing the penny auction, we should read the rules carefully because we might end up losing a lot of money without getting any item. This game is also very addictive so we should be careful.