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Method for setting prices and accepting bid amounts in time deterministic sales transactions

  • US 20080133394A1
  • Filed: 12/01/2006
  • Published: 06/05/2008
  • Est. Priority Date: 12/01/2006
  • Status: Abandoned Application
First Claim
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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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