Submission Title

Searching for the Optimal Strategy to a Penny Auction Using Applied Queuing Theory

Session Number

SS1C

Location

Robinson 310

Abstract Number

SS1C-h

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.

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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.