Searching for the Optimal Strategy to a Penny Auction Using Applied Queuing Theory
Faculty Sponsor
Bonni Dichone, Gonzaga University
Research Project Abstract
Is there an optimal strategy to use in penny auction? With their meteoric rise in popularity in recent years it could be financially beneficial to find one. Using data collected from a popular penny auction site. I created two models to suggest the best time to enter an auction; one based on elementary statistics, and the other based on queuing theory. Both models were subjected to tests on new data to suggest their effectiveness.
Session Number
SS1C
Location
Robinson 310
Abstract Number
SS1C-h
Searching for the Optimal Strategy to a Penny Auction Using Applied Queuing Theory
Robinson 310
Is there an optimal strategy to use in penny auction? With their meteoric rise in popularity in recent years it could be financially beneficial to find one. Using data collected from a popular penny auction site. I created two models to suggest the best time to enter an auction; one based on elementary statistics, and the other based on queuing theory. Both models were subjected to tests on new data to suggest their effectiveness.
