Penny auction is one of the most cunning selling ideas I have seen. It exploits the greed of buyers in finding exceptional deals and their willingness to take risks in exchange of the deals. The way penny auction works is basically letting many auction losers pay for the triumph of the winner. I think some might find the action enjoyable even though they do not end up winning. It is ok if you can somewhat keep your drive of contention in check. The business model makes extravagant deals attainable, especially for very hot products such as Apple iPad, Apple...
