Method and system for dynamically controlling overtime in electronic auctions

• US 20060271471A1
• Filed: 08/07/2006
• Published: 11/30/2006
• Est. Priority Date: 02/19/1999
• Status: Active Grant

• Current Assignee: Anthony F. Bernard, Daniel C. Heckmann, David J. Becker, Frederick W. Roberts, Glen T. Meakem, Jason Reneau, Marc Alaia, Robert G. Stevens, Sam E. Kinney Jr, Vincent F. Rago, William D. Rupp
• Original Assignee: Anthony F. Bernard, Daniel C. Heckmann, David J. Becker, Frederick W. Roberts, Glen T. Meakem, Jason Reneau, Marc Alaia, Robert G. Stevens, Sam E. Kinney Jr, Vincent F. Rago, William D. Rupp
• Inventors: Stevens, Robert G., Becker, David J., Rago, Vincent F., Rupp, William D., Heckmann, Daniel C., Bernard, Anthony F., Kinney, Sam E. Jr., Meakem, Glen T., Roberts, Frederick W., Alaia, Marc, Reneau, Jason
• Granted Patent: US 7,558,746 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot'"'"'s closing time is extended to be too close to the subsequent lot'"'"'s then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a “pending” status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders. The auction may be paused by the auction coordinator to correct technical, market and miscellaneous problems that may arise during the course of an auction. Individual bid ceilings can be set for each bidder so that they are required to bid lower than certain thresholds determined in advance of the auction. Failsafe error detection is performed to prevent erroneous bids from entering the auction. The auction coordinator has the ability to override any erroneous bids that are entered to prevent prejudice to the auction.

Claims

1. A method of displaying updated lot closing times in an electronic auction, wherein said auction consists of at least two lots, comprising:

displaying information about a first lot and a second lot, said information including a first closing time for the first lot, and a second closing time for the second lot, wherein said second closing time is later than said first closing time;

submitting a bid for said first lot within a first predefined time interval of said first closing time; and

displaying an updated first closing time, wherein the updated first closing time is determined by extending the first closing time by first time extension increment; and

if said updated first closing time is less than a second predefined time interval of said second closing time, displaying an updated second closing time, wherein the updated second closing time is determined by extending the second closing time by a second time extension increment.

2. The method of claim 1, wherein the bid submitted is better than the best of any bid previously submitted.

3. The method of claim 1, wherein the bid submitted is within a predetermined amount of a previously submitted bid.

4. The method of claim 1, wherein the bid submitted is within a predetermined rank of a previously submitted bid.

5. The method of claim 1, wherein the bid submitted is within a predetermined percentage of a previously submitted bid.

6. A computer-readable medium whose contents cause a computer system to display updated lot closing times in an electronic auction, wherein said auction consists of at least two lots, wherein said auction consists of at least two lots, comprising:

displaying information about a first lot and a second lot, said information including a first closing time for the first lot, and a second closing time for the second lot, wherein said second closing time is later than said first closing time;

submitting a bid for said first lot within a first predefined time interval of said first closing time; and

displaying an updated first closing time, wherein the updated first closing time is determined by extending the first closing time by first time extension increment; and

if said updated first closing time is less than a second predefined time interval of said second closing time, displaying an updated second closing time, wherein the updated second closing time is determined by extending the second closing time by a second time extension increment.

7. The computer-readable medium of claim 6, wherein the bid submitted is better than the best of any bid previously submitted.

8. The computer-readable medium of claim 6, wherein the bid submitted is within a predetermined amount of a previously submitted bid.

9. The computer-readable medium of claim 6, wherein the bid submitted is within a predetermined rank of a previously bid.

10. The computer-readable medium of clam 6, wherein the bid submitted is within a predetermined percentage of a previously submitted bid.

11. A bidding device operated by a bidder during a multi-lot auction, said bidding device comprising software that enables the bidder to submit bids to an online action;

wherein said bidding device displays information about a first and second lot, said information including a first closing time for the first lot, and a second closing time for the second lot, and said second closing time is later than said first closing time;

wherein if said bidder submits a bid for the first lot within a predefined time interval before said first closing time, said bidding device displays an updated first closing time that is determined by extending the first closing time by a first time extension increment; and

wherein if said extended first closing time is less than a second predefined time interval of said second closing time, said bidding device displays an updated second closing time that is determined by extending the second closing time by a second time extension increment.

12. The bidding device of claim 11, wherein said submitted bid is better than the best of any bid previously submitted.

13. The bidding device of claim 11, wherein said submitted bid is within a predetermined amount of a previously submitted bid.

14. The bidding device of claim 11, wherein said submitted bid is within a predetermined rank of a previously submitted bid.

15. The bidding device of claim 11, wherein said submitted bid is within a predetermined percentage of a previously submitted bid.