SYSTEM AND METHOD FOR AN EFFICIENT DYNAMIC MULTI-UNIT AUCTION
First Claim
1. A system useful for enabling a bidder to participate in a clock auction of two or more types of items, said system comprising a computer, one or more user interfaces and a network interface, said system comprising:
- means for conveying prices to the bidder via at least one of the user interfaces, said prices associated with each of a plurality of the types of items;
means for receiving one or more bids from the bidder via at least one of the user interfaces, said bids each comprising an indicator of quantity for at least one of the types of items at an associated price;
means for applying one or more constraints to the received bids at the computer and entering only those bids that satisfy said constraints;
means for communicating entered bids via the network interface;
means for conveying further prices to the bidder via at least one of the user interfaces, said further prices associated with each of a plurality of the types of items, said conveying of further prices occurring subsequently to the communicating of entered bids, said prices differing from said further prices for at least one of the types of items; and
means for receiving one or more further bids from the bidder via at least one of the user interfaces, said receiving of further bids occurring subsequently to the communicating of entered bids, said further bids each comprising an indicator of quantity for at least one of the types of items at an associated further price.
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Abstract
The present invention implements an auction in which multiple types of goods may be auctioned in a dynamic process. In a preferred embodiment, the present invention is a system and method for computer implemented dynamic multi-unit auction in which the price paid or received by bidders tends to be independent of their own bids, in which participants may be provided with information concerning their competitors'"'"' bids as the auction progresses, and in which the confidentiality of high values may be maintained. Participants'"'"' quantities bid at a given time may be restricted to be less than or equal to the quantities bid at an earlier time. These features provide the advantage of improving economic efficiency of the auction design over the prior art.
5 Citations
36 Claims
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1. A system useful for enabling a bidder to participate in a clock auction of two or more types of items, said system comprising a computer, one or more user interfaces and a network interface, said system comprising:
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means for conveying prices to the bidder via at least one of the user interfaces, said prices associated with each of a plurality of the types of items; means for receiving one or more bids from the bidder via at least one of the user interfaces, said bids each comprising an indicator of quantity for at least one of the types of items at an associated price; means for applying one or more constraints to the received bids at the computer and entering only those bids that satisfy said constraints; means for communicating entered bids via the network interface; means for conveying further prices to the bidder via at least one of the user interfaces, said further prices associated with each of a plurality of the types of items, said conveying of further prices occurring subsequently to the communicating of entered bids, said prices differing from said further prices for at least one of the types of items; and means for receiving one or more further bids from the bidder via at least one of the user interfaces, said receiving of further bids occurring subsequently to the communicating of entered bids, said further bids each comprising an indicator of quantity for at least one of the types of items at an associated further price. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for enabling a bidder to participate in a clock auction of two or more types of items, said method implemented in a computer system comprising a computer, one or more user interfaces, a network interface, and a network connected to said network interface, said method comprising:
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conveying prices to the bidder via at least one of the user interfaces, said prices associated with each of a plurality of the types of items; receiving one or more bids from the bidder via at least one of the user interfaces, said bids each comprising an indicator of quantity for at least one of the types of items at an associated price; applying one or more constraints to the received bids at the computer and entering only those bids that satisfy said constraints; communicating entered bids via the network interface; conveying further prices to the bidder via at least one of the user interfaces, said further prices associated with each of a plurality of the types of items, said conveying of further prices occurring subsequently to the communicating of entered bids, said prices differing from said further prices for at least one of the types of items; and receiving one or more further bids from the bidder via at least one of the user interfaces, said receiving of further bids occurring subsequently to the communicating of entered bids, said further bids each comprising an indicator of quantity for at least one of the types of items at an associated further price. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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25. A computer readable medium storing a sequence of instructions which, when executed in a computer system comprising a computer, one or more user interfaces and a network interface, implements a method for enabling a bidder to participate in a clock auction of two or more types of items, said method comprising:
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conveying prices to the bidder via at least one of the user interfaces, said prices associated with each of a plurality of the types of items; receiving one or more bids from the bidder via at least one of the user interfaces, said bids each comprising an indicator of quantity for at least one of the types of items at an associated price; applying one or more constraints to the received bids at the computer and entering only those bids that satisfy said constraints; communicating entered bids via the network interface; conveying further prices to the bidder via at least one of the user interfaces, said further prices associated with each of a plurality of the types of items, said conveying of further prices occurring subsequently to the communicating of entered bids, said prices differing from said further prices for at least one of the types of items; and receiving one or more further bids from the bidder via at least one of the user interfaces, said receiving of further bids occurring subsequently to the communicating of entered bids, said further bids each comprising an indicator of quantity for at least one of the types of items at an associated further price. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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Specification