Sunday, February 26, 2012

Quibids Vacation Package Win

The Quibids featured auction of the week was a Disney Vacation package for 4, priced at $4,000. Congratulations to the winner thomasflick!

The winner didn't seem to have put in too many bids. As you can see above, it is just 52 bids! So he spent $31.20 on the bids and won a vacation package worth $4,000. Not bad at all.

The winning strategy again seemed to have been a classic Volunteer's Dilemma for Quibids using the Bid-o-matic. Using bid-o-matic, you can see many more cases of the volunteer's dilemma in many auctions. You should therefore also know how to bid against bid-o=matic.

Just for fun, let us calculate the maximum profit for Quibids in this auction. Of course, you never know because a number of bidders use virtual bids. That being said, in my mind, there shouldn't be a great difference between the two because it isn't like voucher bids are free - you still play and win those through your real bids in most cases. Of course we are also assuming that no one exercised their Buy-Now option which is going to be rare in this kind of an auction in any case.

No. of bids placed = 15,594
Cost per bid = $0.60
Total revenue = 15,594 X 0.60 = $9,356.40
Cost of vacation package = $4000 (could be less for Quibids and most likely will be).
Profit = $5,356.40
That's not bad for a single auction.

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