Changes

===Penny auctions===

===Penny auctions===

Penny auctions are primarily found on the internet.  In this type of auction, a high-value item starts off with an asking price of $0.01.  Bidders can only bid up by a penny.  However, bidders have to purchase bids from the auction house, the value of which runs anywhere from $0.60 to $1.00.  Every time a bid is placed on an item, the time left in the auction is reset.  This continues until no bids are placed before time runs out.  This is often considered a form of gambling, as the auction is extremely biased towards the house (i.e., if a computer sells for $95.00, the firm can make up to $9,499, depending on how much the bids cost the bidders).<ref>[http://www.usatoday.com/tech/news/2011-02-06-penny-auctions_N.htm Penny auctions promise savings, overlook downsides] USA Today, 02/06/2011</ref>  If a bidder does not win an item, they are still out all the money they spent on purchasing bids.

Penny auctions are primarily found on the internet.  In this type of auction, a high-value item starts off with an asking price of $0.01.  Bidders can only bid up by a penny.  However, bidders have to purchase bids from the auction house, the value of which runs anywhere from $0.60 to $1.00.  Every time a bid is placed on an item, the time left in the auction is reset.  This continues until no bids are placed before time runs out.  This is often considered a form of gambling, as the auction is extremely biased towards the house (i.e., if a computer sells for $95.00, the firm can make up to $9,499, depending on how much the bids cost the bidders).<ref>[https://www.usatoday.com/tech/news/2011-02-06-penny-auctions_N.htm Penny auctions promise savings, overlook downsides] USA Today, 02/06/2011</ref>  If a bidder does not win an item, they are still out all the money they spent on purchasing bids.

==Strategies==

==Strategies==