Zeekler - Penny Auctions
The Auction model being used in penny auctions is misleading. It doesnt work like a true auction. In a real auction you dont lose any money if you do not win the bid. Its very different in the penny auction business.
Even if you do not win the item you will already have paid the fee for clicking which is roughly 65 cents per bid.
After clicking on an auction 100 times you would have already wasted $65 dollars, and you havent even won the item yet!
As you see in this sampe, our hero wins 150$ just with 12 bids and cost only 15.08$.
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