Rrp 00
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 GRAPHITE GRIM REAPER CUE POOL BILLIARDS RRP$14900  US $43.73
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 SNOOKER BALLS ARAMITH PRO TOURNAMENT RRP $47900 Australian Seller US $233.25
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Penny Auction Question?
Gaming site allows users to bid on items and the highest bidder gets the item for the price of their bids.
At any stage bidders can stop bidding and use their bid spend to be deducted from the RRP to “buy out” the item
Item start price is $0.00
Each bid costs the bidder $0.90
bidding interval is $0.02
The item has a RRP of $3498
at what price will the current bid price be when the user has spent more than the RRP for the item?
Assume that there are only 2 bidders for the item.
For two bidders to reach the RRP, you need a total amount spent of $3498 per bidder. at 90 cents each, that's simply 349800/90 = 3887 bids each, or 7,774 bids total.
However, assuming what you meant to ask was "At what point does buying out of an auction become more effective than continuing to bid?" - when does the buy out price equal the final cost... that's a better and harder question. You can simplify it by pretending that each bid "costs" the user the bid price plus DOUBLE the price increment. so, make the equation:
349800/94 = 3721.2 bids per user, 7442 bids total. Total cost: $148.85
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