Before bidding on that ipad 2 going for 12 dollars, it’s important to understand how penny auctions work. And more importantly, the psychology of penny auctions. Most honest assessments of these sites are that they are a permutation of online gambling. Just because they don’t say so explicitly does not change the nature of these “auctions”. Because of this, bidders are prone to the gambler’s mentality in rationalizing irrational behavior. Before you try to win a penny auction, assess your risk. Setting a budget, and being prepared to pay full retail price (using the “buy it now” feature within two hours of auction ending on quibids) can go a long way in managing risk and having a fun bidding experience, and not fall victim to the gambler’s mentality.
