System and method for conducting electronic auctions with multi-parameter optimal bidding
First Claim
1. A method of conducting an auction among a plurality of bidders, wherein each of said plurality of bidders competing for a lot to be auctioned by an auction requester, said method comprising:
- allowing each bidder to place a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter; and
making bids received from each said bidder for said price and said non-price parameters available to said auction requester in real-time.
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Accused Products
Abstract
An auction methodology wherein the auction competition among the bidders is generated by allowing each bidder to bid for non-price bid parameters (e.g., lead time, labor rate, contract length, etc.) in addition to the price of the lot on auction. Such a multi-parameter bidding provides the buyer (i.e., the auction requester) with more diverse information when selecting the winning bidder. The buyer and each bidder participating in the electronic auction may receive a real-time feedback of the bidding activity including details on bids placed for price and non-price parameters, which allows each bidder to adjust or modify one or more of its own bids (for price and non-price bid parameters) to effectively compete in the auction. The bidding software nullifies the effect of each bidder'"'"'s bids for the non-price parameters on that bidder'"'"'s bid for the price parameter by multiplying the value of the bid for each non-price parameter by the number zero (0) and also locks the bid values initially received for the non-price parameters to avoid affecting their values when lot price is changed during bidding. Such zero-weighting and locking helps the buyer objectively determine the optimal bid for the lot on auction.
195 Citations
31 Claims
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1. A method of conducting an auction among a plurality of bidders, wherein each of said plurality of bidders competing for a lot to be auctioned by an auction requester, said method comprising:
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allowing each bidder to place a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter; and
making bids received from each said bidder for said price and said non-price parameters available to said auction requester in real-time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16, 18, 19, 20, 21)
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13. A computer readable storage medium having stored thereon instructions for conducting an electronic auction among a plurality of bidders, wherein each of said plurality of bidders competing for a lot having at least one item to be auctioned by an auction requester, wherein said instructions, when executed by a processor, cause said processor to perform the following in real-time:
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allow each bidder to place a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter;
for each said bidder, generating a total bid for said lot by combining all bids placed by each said bidder, wherein said total bid equals in value to the bid placed for said price parameter by corresponding bidder; and
make said total bid along with each bid for a non-price parameter by each corresponding bidder available to said auction requester.
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17. A system for conducting an on-line auction among a plurality of bidders, wherein each of said plurality of bidders competing for a lot to be auctioned by an auction requester, said system comprising:
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means for allowing each bidder to place a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter; and
means for making bids received for each non-price parameter available to said auction requester in real-time.
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22. A system for conducting an electronic auction among a plurality of bidders, wherein each of said plurality of bidders competing for a lot to be auctioned by an auction requester, said system comprising:
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a first computer operable by a first bidder from said plurality of bidders and configured to allow said first bidder to place a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter;
a second computer in communication with said first computer via a first communication network, wherein said second computer is configured to receive from said first computer over said first communication network all bids placed by said first bidder; and
a third computer operable by said auction requester and in communication with said second computer via a second communication network, wherein said second computer is configured to send each bid received from said first bidder for each non-price parameter over said second communication network to said third computer in real-time. - View Dependent Claims (23, 24, 25, 26, 27, 28, 30, 31)
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29. A method of conducting an auction among a plurality of bidders, wherein each of said plurality of bidders is competing for a lot on auction using a respective computer terminal, said method comprising:
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receiving from each bidder'"'"'s computer terminal a respective bid for each of a plurality of bid parameters established for said lot, wherein said plurality of bid parameters includes a price parameter and at least one non-price parameter; and
for a first bidder from said plurality of bidders, facilitating a display of a bidding history for said first bidder and a feedback information for said first bidder on said first bidder'"'"'s computer terminal in real-time, wherein said bidding history for said first bidder includes information about one or more bids placed by said first bidder, and wherein said feedback information for said first bidder includes information about bids placed by one or more of said plurality of bidders other than said first bidder.
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Specification