
Penny Auctions – How to sell a $180 tablet for $7,264 - sarreph
http://www.curiousgnu.com/penny-auctions
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swalsh
"Shockingly nearly half of those bids came from just one person who lost
approximately lost $3,500 in just two hours"

Is such an irrational amount of money to lose, i'd wager a guess it wasn't a
real user. I'd bet its an automated system owned by the "house" that keeps the
auction from ending prematurely.

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austinhulak
Bingo - this is exactly what I was thinking.

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astrodust
There's a phenomenon that plays out now and then where people will spend more
than $1 to win $1 because they can't abandon their sunk costs. Good money
after bad.

