Thursday, June 18, 2009

PT Barnum was right

Look ahead and reason back before you enter an auction at From former student Dave Parks:
You buy auction vouchers for 75 cents (each voucher raises the bid price by 1 penny and adds between 2 and 15 seconds to the ending time of the auction). All auctions are for new items and the final bid price is what the winner has to pay. I saw a $1300 computer sell for $240.00 ... seems like a great bargain until you realize 24,000 vouchers were used. The auction house received $18,000 + the $240 sell price for a total of $18,240 less the cost of the computer.

1 comment:

  1. I had a discussion about this and the dollar auction game here:

    May be of interest.