How bidding fee auction in a Business Proposal works?

1 ANSWERS

1. Guest1314
   

   Participants pay a non-refundable fee to purchase bids. Bidding on an auction in a Business Proposal raises the cost of the item by a fixed amount and typically also extends the deadline of the auction. The game is a brinkmanship game: each successive bid lowers the value of the reward, and the last player to decide to place a bid and lower the value of the reward wins that reward.
   Once the auction is over, the auctioneer collects the final cost of the item in addition to the monies already collected by selling bids.
   Bids typically cost between 0.10 USD and 1.50 GBP depending on the web site and the number of bids one purchases at a time. Each bid increases the price of the item by 0.01 USD (1¢) or 0.01 GBP (1p), and extends the time of the auction by a few seconds. Due to the possibility of participants spending a lot of money and still losing an auction, or spending more than the retail value of the item they end up winning, a number of blog posts and articles have analyzed and criticized the model.

   Report (0) (0)  |   12 years, 10 month(s) ago