A computer-readable medium for limiting bids in an electronic auction, the medium containing instructions which, when executed by a processor, cause the processor to:</claim-text> set an individual bid ceiling for each of a plurality of potential rs, wherein an individual bid ceiling for at least one of the said plurality of potential sellers is different from an individual bid ceiling for another of said plurality of potential sellers; receive bids from one or more potential sellers; determine whether a received bid for a potential seller is greater than a corresponding individual bid ceiling for said potential seller; and send a bid message to said potential seller in accordance with said determination; wherein the auction is a downward auction. view more

The computer-readable medium of claim 16, wherein said instructions to set an individual bid ceiling comprise instructions that set an individual bid ceiling based on price discovery prior to the start of the auction.

The computer-readable medium of claim 16, wherein said instructions to set an individual bid ceiling comprise instructions that set an individual bid ceiling based on the potential seller's previous offline bid.

The computer-readable medium of claim 16, wherein the auction is comprised of at least one buyer-defined lot.

The computer-readable medium of claim 20, wherein the auction is comprised of multiple lots, and at least one potential seller has a different bid ceiling for two different lots in the auction.

The computer-readable medium of claim 16, wherein said message is an invalid bid message.

A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:</claim-text> a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a lot, wherein said first overtime condition comprises: receiving a plurality of bids; assigning an ordinal rank to each bid from a best bid to a worst bid; and receiving a bid having an ordinal rank that is within a predefined number of rank ordinal positions of best bid; b) determining whether said first overtime condition occurs during said first time interval; and c) extending said first closing time using said second time interval in accordance with said determination. view more

A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:</claim-text> a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a lot, wherein said first overtime condition comprises: receiving a plurality of bids each having a bid price; ordering each bid from a best bid price to a worst bid price; and receiving a bid having a bid price other than said best bid price; b)ition occurs during said first time interval; and c) extending said first closing time using said second time interval in accordance with said determination. view more