Total value bidding
First Claim
17. A method of evaluating values of different terms in online auctions comprising:
- obtaining an interest rate (i) and payment period (e) from a buyer for a plurality of lots, each lot having a price (n);
receiving a plurality of bids from a plurality of bidders, each bid having a payment time (p) and a rebate (x);
generating an adder (b) and a factor (m) for each bid;
transforming the adders (b), factors (m), and rebates (x) into values (y); and
ranking the values (y).
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Abstract
A method and system of evaluating values of different payment or delivery terms in online auctions, including obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value, receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate and transforming the first bid into a first value and the second bid into a second value using the interest rate, the period, and the predetermined value from the buyer, and the payment times and rebates from the first and second bidders.
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Citations
35 Claims
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17. A method of evaluating values of different terms in online auctions comprising:
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obtaining an interest rate (i) and payment period (e) from a buyer for a plurality of lots, each lot having a price (n);
receiving a plurality of bids from a plurality of bidders, each bid having a payment time (p) and a rebate (x);
generating an adder (b) and a factor (m) for each bid;
transforming the adders (b), factors (m), and rebates (x) into values (y); and
ranking the values (y). - View Dependent Claims (18, 19, 20)
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21. A method of evaluating values of different terms in online auctions comprising:
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obtaining an interest rate (i) and payment period (e) from a buyer for a lot, the lot having a price (n);
soliciting a plurality of bids from a plurality of bidders;
receiving the bids from the bidders, each bid having a payment time (p) and a rebate (x);
calculating a factor (m) according to equation (1);
m=n/(1+i)t
(1)wherein;
t=time in which the rebate (x) will be paid;
generating adders (b) for each bid according to equations (2) and (3);
q=1 to g time periods, g=number of time periods, r=total time units in a time period, f=(p−
e), andzq=total time from 0 to q;
determining the values (y) according to equation (4);
y=(m*x)+b; and
(4)ranking the values (y).
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22. A system for evaluating values of different terms in online auctions comprising:
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a database for receiving and storing an interest rate and a period from a buyer for a plurality of lots and a plurality of bids on the lots from a plurality of bidders, each bid having a payment time and a rebate, the lots having a predetermined value; and
software for generating an adder and a factor for each bid and transforming the adders, factors and rebates into values. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29)
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30. A machine readable medium for evaluating values of different terms in online auctions comprising:
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a first machine readable code that receives and stores an interest rate and a period from a buyer for lots, each lot having a predetermined value;
a second machine readable code that receives bids from bidders, each bid having a payment time and a rebate;
a third readable code that generates an adder and a factor for each bid; and
a fourth readable code that transforms the adders, factors and rebates into values. - View Dependent Claims (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 31, 32, 34, 35)
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32-1. The machine readable medium of claim 30 wherein the adder (b) is calculated according to equations (2) and (3):
Specification