AUCTION WITH INTEREST RATE BIDDING
First Claim
1. A method, comprising:
- receiving a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer, the maximum interest rate being identified by a seller as a highest interest rate that the seller pays a buyer, the receiving done at least in part using one or more processors;
publishing the IP item for sale at the starting interest rate at the first computer, the publishing done at least in part using one or more processors;
initiating a declining auction and receiving at least one bid in the declining auction for the IP item;
terminating the declining auction based on a predetermined period of time, the predetermined period of time being identified based on a selling price of a plurality of IP items in other declining auctions;
identifying one or more bids that respectively include an interest rate that is lower than the maximum interest rate; and
selecting a lowest interest rate bid from the one or more bids as a winning bid.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system are provides for an auction with interest rate bidding. The system receives a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer. The system publishes the IP item for sale at the starting interest rate, initiates a declining auction and receives bids in the declining auction for the IP item. The system terminates the declining auction based on a predetermined period of time and identifies one or more bids that respectively include an interest rate that is lower than the maximum interest rate. Finally, the system selects a lowest interest rate bid from the one or more bids as a winning bid.
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Citations
20 Claims
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1. A method, comprising:
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receiving a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer, the maximum interest rate being identified by a seller as a highest interest rate that the seller pays a buyer, the receiving done at least in part using one or more processors; publishing the IP item for sale at the starting interest rate at the first computer, the publishing done at least in part using one or more processors; initiating a declining auction and receiving at least one bid in the declining auction for the IP item; terminating the declining auction based on a predetermined period of time, the predetermined period of time being identified based on a selling price of a plurality of IP items in other declining auctions; identifying one or more bids that respectively include an interest rate that is lower than the maximum interest rate; and selecting a lowest interest rate bid from the one or more bids as a winning bid. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A system, comprising:
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at least one processor; and a declining auction application that is executable by the at least one processor to receive a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer, the maximum interest rate being identified by a seller as a highest interest rate that the seller pays a buyer, the receiving done at least in part using one or more processors, the declining auction application is further executable by the at least one processor to publish the IP item for sale at the starting interest rate at the first computer, the publishing done at least in part using one or more processors, the declining auction application is further executable by the at least one processor to initiate a declining auction and receiving at least one bid in the declining auction for the IP item, the declining auction application is further executable by the at least one processor to terminate the declining auction based on a predetermined period of time, the predetermined period of time being identified based on a selling price of a plurality of IP items in other declining auctions, the declining auction application is further executable by the at least one processor to identify one or more bids that respectively includes an interest rate that is lower than the maximum interest rate and to select a lowest interest rate bid from the one or more bids as a winning bid. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A machine readable medium having stored thereon instructions that when executed by a machine cause the machine to perform the method including:
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receiving a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer, the maximum interest rate being identified by a seller as a highest interest rate that the seller pays a buyer, the receiving done at least in part using one or more processors; publishing the IP item for sale at the starting interest rate at the first computer, the publishing done at least in part using one or more processors; initiating a declining auction and receiving at least one bid in the declining auction for the IP item; terminating the declining auction based on a predetermined period of time, the predetermined period of time being identified based on a selling price of a plurality of IP items in other declining auctions; identifying one or more bids that respectively include an interest rate that is lower than the maximum interest rate; and selecting a lowest interest rate bid from the one or more bids as a winning bid.
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20. A system, comprising:
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at least one processor; a means that is executable by the at least one processor for receiving a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer, the maximum interest rate being identified by a seller as a highest interest rate that the seller pays a buyer, the receiving done at least in part using one or more processors; and a declining auction application that is executable by the at least one processor to publish the IP item for sale at the starting interest rate at the first computer, the publishing done at least in part using one or more processors, the declining auction application is further executable by the at least one processor to initiate a declining auction and receiving at least one bid in the declining auction for the IP item, the declining auction application is further executable by the at least one processor to terminate the declining auction based on a predetermined period of time, the predetermined period of time being identified based on a selling price of a plurality of IP items in other declining auctions, the declining auction application is further executable by the at least one processor to identify one or more bids that respectively include an interest rate that is lower than the maximum interest rate and to select a lowest interest rate bid from the one or more bids as a winning bid.
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Specification