Expanded bidding strategy for experts
We’ve posted in the past about determining the optimal bidding strategy for Priceline. In that post, we talked specifically about maximizing the number of bids you had at your disposal. But that presents an interesting quandary. Just because you have 20 or so bids at your disposal, does that necessarily mean you’ll have the patience to actually run through them all on Priceline?
When we originally designed the ability to execute these bids on Priceline, we assumed that most people would only have the patience for a few bids. So, given a particular bidding range, we generated strategies which had a good balance of good bid increments and not having to do too many bids. For example, here’s what the default strategy is, starting at $100 and ending at $115:
The problem was, we kept receiving email from really hardcore, patient bidders who were telling us: “I know I have more bids to use, why are you only offering so few?” I guess a lot of you guys out there really do want the best price.. to the dollar.. and are willing to increment very slowly until you get it.
So, on that note, we’ve made a minor change to the bidding strategy generator that will let you past the default strategy. For that $100-$115 bid, you’ll now be able to generate a strategy like this:
It’s important to understand that this isn’t the default option, and you’ll have to change the dropdown if you’re a patient person and want to do a lot of bidding. Also, this expanded strategy is only available in the manual bidding path (AutoBid will always use the default bidding strategy).