25 July 2012
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Initial Penny Auction Marketing

Now it’s time to get out there in the world and let everybody know that your website exists. Initial marketing often is determined by your startup budget. There are several ways to carry out initial marketing. This could be done in a massive wave which creates a lot of hype about your new website attracting […]


25 July 2012
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Should I Start My Own Penny Auction?

This is ultimately a question only you can answer. The promise of starting a penny auction from a business perspective is very enticing. However, you should consider that it is a very tough industry to get involved in; as well there are some unique challenges that you will need to overcome in order to be […]


25 July 2012
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Comments: Comments Off on The History of Penny Auctions

The History of Penny Auctions

The concept was first introduced in 1971 by Martin Shubik, the Seymour Professor of Mathematical Institutional Economics at Yale University, under the name of dollar auction. The game is an illustration of a paradox in which the participants are constrained to make, in the end, an irrational decision based on a sequence of rational decisions; […]