Whats the best strategy for winning a reverse auction?

Question

Im trying to win on an online auction for a nokia's look alike itouch device on a bidwhack auction. Howver its using a differnt method of auctioning, you have to guess teh lowest number that hasnt been guessed, so if everyone guessed 1 cent and i guess 2 cents then i win. I was winning at first but then someone outguessed me its a little differnt than ebay, its more guesswork . can anyone figure out a strategy for winning?.

Answer 1

I hope you realize it costs $1 to place a bid, and that you have to live in Canada but not Quebec.  That said I looked into this and it's apparently a rather complicated question in game theory.  If you want my wild guess, take the maximum number of bids they will accept on the item (it should say on the website), divide by 1000, and pick a random number somewhere around that amount.  Don't pick a round number or anything that other people are likely to guess.

Understand that this is more of a skill game than a real auction.  Of course, you probably already realize this seeing as that you posted this in the gambling forum.

Oh and 70 cents of your bid fee goes to charity so don't feel too bad if you lose.

Answer 2

start your bids at a value you think will win.  if you then get told you are not the winner, keep on until you get a bid that is the winner.

good luck