Computerized system and method for conducting an online virtual auction

• US 20020023038A1
• Filed: 12/04/2000
• Published: 02/21/2002
• Est. Priority Date: 12/03/1999
• Status: Abandoned Application

• Current Assignee: Farms Technology, LLC (Corteva, Inc.)
• Original Assignee: Farms Technology, LLC (Corteva, Inc.)
• Inventors: Fritsch, Daniel Scott, Tatge, Jason G.
• Application Number:
  US09/729,397
• Publication Number:
  US 20020023038A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06F 3/04847 Interaction techniques to control parameter settings, e.g. interaction with sliders or dials
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06T 11/206 Drawing of charts or graphs

Abstract

An auction system and method is disclosed which displays a graphical representation of a buy bid, ask bid and a series of incremental bids therebetween along a scale. A user may enter a new bid by moving the computer screen cursor to a position on the scale and initiating an entry command. The system then reconfigures the scale to reflect the newly entered bid should the spread between the buy bid and ask bid reach a select level the incremental bids are reassociated with a decreased monetary value and possibly reconfigured in the quantity of incremental bids within the spread.

Claims

1. A method of conducting an auction utilizing a network computer system connectable to a plurality of monitors comprising the steps of:

(A) displaying an image of at least one scaled graph having incremental bid levels upon a computer monitor reflecting a range of monetary values;

(B) graphically displaying an ask bid at a select incremental bid level upon the scaled graph;

(C) graphically displaying a buy bid at a select incremental bid level upon the scaled graph;

(D) graphically displaying a spread having a plurality of the incremental bid levels between the graphically displayed ask bid and the graphically displayed buy bid;

(E) reconfiguring the scaled graph with the displayed ask bid, buy bid and spread in response to the spread decreasing to a select quantity justifying a reallocation of the incremental bid levels.

2. The method of conducting an auction of claim 1 wherein the reconfiguration of the incremental bid levels is determined by a mathematical formula.

4. The method of conducting an auction of claim 1 wherein the reconfiguration of the incremental bid levels is determined by a mathematical formula.

3. A method of conducting an auction utilizing a networked computer system having a plurality of coupled monitors, the method comprising the steps of:

(A) displaying a graphical scale upon a monitor;

(B) displaying a buy bid upon the graphical scale;

(C) displaying an ask bid upon the graphical scale;

(D) displaying a plurality of incremental bid levels upon the graphical scale between the buy bid and the ask bid, the quantity distribution and monetary valuation of each bid level being dependent upon the spread between the buy bid and the ask bid, and

(E) graphically redisplaying the graphical scale, the buy bid upon the graphical scale, the ask bid upon the graphical scale in response to the narrowing of the spread between the buy bid and the ask bid with the entry of a new bid, the new quantity distribution and monetary valuation of each incremental bid levels being dependent upon the spread between the buy bid and ask bid.

5. A system for auctioning goods between remote users and an auction service provider comprising:

(A) a host computer network, including database server means to electronically store auction data and means to access and transmit auction data in response to user commands;

(B) remote computer workstations including a video monitor, means to send user commands to the host computer network, and means to receive and display on the video monitor the auction data from the host computer network;

(C) communication network means for electronically linking the computer workstations to the host computer network;

(D) means for generating a graph or graphs upon the video monitors;

(E) means for displaying a sell bid upon a graph;

(F) means for displaying a buy bid upon a graph;

(G) means for determining the spread between said sell bid and said buy bid;

(H) means for determining the quantity and monetary value of a plurality of incremental bid levels associated with the spread;

(I) means for displaying the plurality of incremental bid levels associated with the spread; and

(J) means for redisplaying the graph, the sell bid, the buy bid and the spread upon the video monitor with a reallocation of the quantity and monetary values associated with the incremental bid levels in response to a narrowing of the spread with the entry of a new sell bid or buy bid.

6. A system for auctioning goods comprising,

(A) a networked computer system having a plurality of monitors;

(B) means for generating a graph having a plurality of incremental levels representing monetary values the quantity and monetary value of each incremental level being determined by a spread between a buy bid and a sell bid; and

(C) means for regenerating the graph and the related quantity and monetary values associated with the incremental bid levels in response to a narrowing of the spread between the buy bid and the sell bid.