Method for setting prices and accepting bid amounts in time deterministic sales transactions
First Claim
1. An auction method for setting prices and accepting bid amounts in time deterministic sales transactions comprisingat least one auction item,a predefined auction duration having a plurality of duration units, each duration unit being divided into a plurality of bid slots,a plurality of auction events,a current time,at least one bid,at least one scaled bid amount,a bidding range,a plurality of reserve bid amounts,a plurality of reserve bid amount slots,a present time bid slot,a present time post first bid,at least one unavailable bid position,a first bid versus time amount location,and an individual bid amount,wherein the predefined auction duration, the plurality of duration units, the plurality of bid slots for each duration unit, the bidding range and the plurality of reserve bid amounts are determined, the plurality of reserve bid amount slots being determined by multiplying the determined number of duration units by the determined number of bid slots in each duration unit, the reserve bid amounts being within the determined bidding range, each determined reserve bid amount being entered into the reserve bid amount slots beginning with the largest reserve bid amount being entered into the earliest reserve bid amount slot which would correspond to the current time, with each successive later dated reserve bid amount slot having a lower reserve bid amount entered until all available reserve bid amount slots contains a reserve bid amount,wherein the bid is made on the auction item and entered into the bid slot corresponding to the reserve bid slot containing the closest reserve bid amount that is not greater than the bid, that reserve bid slot becoming the first bid versus time amount location, with all later dated bid slots each then becoming unavailable bid positions such that the bid made becomes the lowest price the auction item or auction items will be sold for, thus setting an end time and date of the auction at the time and day of the bid slot in which the bid was entered,wherein any subsequent bid being made for the auction item or auction items must be in an amount greater than the bid entered in the first bid versus time amount location,wherein as time progresses, each reserve bid amount slot that is prior to the current time becomes the unavailable bid position, each reserve bid amount in each later reserve bid amount slot being scaled upward to become scaled bid amounts such that further bids must be equal or greater than the scaled bid amount in each reserve bid amount slot, thus requiring set increased bid amounts and preventing nominal bid amount increases over prior bids, the reserve bid amount slot at the current time becoming the present time bid slot which would contain the highest individual bid amount needed to purchase the auction item or auction items,wherein, the auction will end when the bid made equals the reserve bid amount in the present time bid slot or the present time bid slot contains a bid made, and the auction item or auction items is then purchased for that bid.
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Abstract
The invention is an auction method for setting prices and accepting bid amounts in time deterministic sales transactions such that a number of bidding slots are available each day of the auction term, each bidding slot with a reserve bid amount, allowing a bidder to make a bid at one of the reserve bid amounts, at which time all bid slots after the time of the bid slot containing the bid become unavailable, and as time passes, each bid slot containing a reserve bid amount that is earlier than then current time also becomes unavailable. The reserve bid amounts that remain available are increased, thus requiring subsequent bidders to make a bid early in order to secure a certain reserve bid price, or forgo the opportunity to purchase the auction item, or pay a higher amount for the auction item as each day passes. This encourages bidders to bid early, thus securing a lower possible purchase price. As all bid slots after the date in which a bid has been made in an amount of a reserve bid amount are unavailable, this sets an end date of the auction. The auction also ends when a bidder makes a present bid equal to the then current reserve bid amount.
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Citations
13 Claims
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1. An auction method for setting prices and accepting bid amounts in time deterministic sales transactions comprising
at least one auction item, a predefined auction duration having a plurality of duration units, each duration unit being divided into a plurality of bid slots, a plurality of auction events, a current time, at least one bid, at least one scaled bid amount, a bidding range, a plurality of reserve bid amounts, a plurality of reserve bid amount slots, a present time bid slot, a present time post first bid, at least one unavailable bid position, a first bid versus time amount location, and an individual bid amount, wherein the predefined auction duration, the plurality of duration units, the plurality of bid slots for each duration unit, the bidding range and the plurality of reserve bid amounts are determined, the plurality of reserve bid amount slots being determined by multiplying the determined number of duration units by the determined number of bid slots in each duration unit, the reserve bid amounts being within the determined bidding range, each determined reserve bid amount being entered into the reserve bid amount slots beginning with the largest reserve bid amount being entered into the earliest reserve bid amount slot which would correspond to the current time, with each successive later dated reserve bid amount slot having a lower reserve bid amount entered until all available reserve bid amount slots contains a reserve bid amount, wherein the bid is made on the auction item and entered into the bid slot corresponding to the reserve bid slot containing the closest reserve bid amount that is not greater than the bid, that reserve bid slot becoming the first bid versus time amount location, with all later dated bid slots each then becoming unavailable bid positions such that the bid made becomes the lowest price the auction item or auction items will be sold for, thus setting an end time and date of the auction at the time and day of the bid slot in which the bid was entered, wherein any subsequent bid being made for the auction item or auction items must be in an amount greater than the bid entered in the first bid versus time amount location, wherein as time progresses, each reserve bid amount slot that is prior to the current time becomes the unavailable bid position, each reserve bid amount in each later reserve bid amount slot being scaled upward to become scaled bid amounts such that further bids must be equal or greater than the scaled bid amount in each reserve bid amount slot, thus requiring set increased bid amounts and preventing nominal bid amount increases over prior bids, the reserve bid amount slot at the current time becoming the present time bid slot which would contain the highest individual bid amount needed to purchase the auction item or auction items, wherein, the auction will end when the bid made equals the reserve bid amount in the present time bid slot or the present time bid slot contains a bid made, and the auction item or auction items is then purchased for that bid.
Specification
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Current AssigneeForrest Franks
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Original AssigneeForrest Franks
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InventorsFranks, Forrest
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Application NumberUS11/607,730Publication NumberTime in Patent OfficeDaysField of SearchUS Class Current705/37CPC Class CodesG06Q 30/08 AuctionsG06Q 40/04 Trading; Exchange, e.g. sto...
