Method and system for controlling the initiation and duration of overtime intervals in electronic auctions
DC CAFCFirst Claim
1. A computer program product for enabling a processor in a computer system to control overtime in an electronic auction, said computer program product comprising:
- a computer usable medium having computer readable program code means embodied in said medium for causing an application program to execute on the computer system, said computer readable program code means comprising;
a first computer readable program code means for enabling the computer system to offer a plurality of lots, defined at least in part by a buyer, to a plurality of potential sellers, each of said plurality of lots having at least one product;
a second computer readable program code means for enabling the computer system to define a closing time for each of said plurality of lots, wherein a closing time for a lot defines a time before which bids for the lot are to be submitted by a potential seller;
a third computer readable program code means for enabling the computer system to define an overtime extension parameter for each of said plurality of lots, said overtime extension parameter indicating a length of an overtime period for an associated lot, wherein an overtime extension parameter for a lot is based upon characteristics of one or more items in the lot;
a fourth computer readable program code means for enabling the computer system to determine whether an overtime period is triggered in one of said plurality of lots; and
a fifth computer readable program code means for enabling the computer system to extend the auction for said one of said plurality of lots by an amount of time defined by said overtime extension parameter associated with said one of said plurality of lots, if an overtime period is triggered in said one of said plurality of lots.
2 Assignments
Litigations
0 Petitions
Reexamination
Accused Products
Abstract
A method and system for conducting electronic auctions is described. A mic 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 can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the 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. t 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 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 e 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 ent prejudice to the auction.
-
Citations
107 Claims
-
1. A computer program product for enabling a processor in a computer system to control overtime in an electronic auction, said computer program product comprising:
-
a computer usable medium having computer readable program code means embodied in said medium for causing an application program to execute on the computer system, said computer readable program code means comprising;
a first computer readable program code means for enabling the computer system to offer a plurality of lots, defined at least in part by a buyer, to a plurality of potential sellers, each of said plurality of lots having at least one product;
a second computer readable program code means for enabling the computer system to define a closing time for each of said plurality of lots, wherein a closing time for a lot defines a time before which bids for the lot are to be submitted by a potential seller;
a third computer readable program code means for enabling the computer system to define an overtime extension parameter for each of said plurality of lots, said overtime extension parameter indicating a length of an overtime period for an associated lot, wherein an overtime extension parameter for a lot is based upon characteristics of one or more items in the lot;
a fourth computer readable program code means for enabling the computer system to determine whether an overtime period is triggered in one of said plurality of lots; and
a fifth computer readable program code means for enabling the computer system to extend the auction for said one of said plurality of lots by an amount of time defined by said overtime extension parameter associated with said one of said plurality of lots, if an overtime period is triggered in said one of said plurality of lots. - View Dependent Claims (2, 3, 4, 84, 85, 86)
-
-
5. A system to control overtime in an electronic auction, comprising:
-
means for offering a plurality of lots, defined at least in part by a buyer, to a plurality of potential sellers, each of said plurality of lots having at least one product;
means for defining a closing time for each of said plurality of lots, wherein a closing time for a lot defines a time before which bids for the lot are to be submitted by a potential seller;
means for defining an overtime extension parameter for each of said plurality of lots, said overtime extension parameter indicating a length of an overtime period for an associated lot, wherein an overtime extension parameter for a lot is based upon characteristics of one or more items in the lot;
means for determining whether an overtime period is triggered in one of said plurality of lots; and
means for extending the auction for said one of said plurality of lots by an amount of time defined by said overtime extension parameter associated with said one of said plurality of lots, if an overtime period is triggered in said one of said plurality of lots. - View Dependent Claims (6, 7, 8)
-
-
9. A computer program product for enabling a processor in a computer system to control overtime in an electronic auction, said computer program product comprising:
-
a computer usable medium having computer readable program code means embodied in said medium for causing an application program to execute on the computer system, said computer readable program code means comprising;
a first computer readable program code means for enabling the computer system to offer a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
a second computer readable program code means for enabling the computer system to define a closing time for said lot, wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller;
a third computer readable program code means for enabling the computer system to receive a first bid from a potential seller for said lot;
a fourth computer readable program code means for enabling the computer system to identify said first bid as a current best bid;
a fifth computer readable program code means for enabling the computer system to compare each successively received bid to said current best bid, and identify said successive bid as said current best bid if said successive bid is better than said current best bid; and
a sixth computer readable program code means for enabling the computer system to determine whether a received bid is better than said current best bid; and
if said received bid is better than said current best bid, identify said received bid as current best bid and extend said closing time for said first lot by a second time interval; and
if said received bid is not better than said current best bid, determine whether said received bid satisfies at least one behind-market bid lot extension criteria and if said received bid satisfies at least one behind-market bid lot extension criteria, extend said closing time for said first lot by a third time interval.- View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 91, 93)
-
-
20. A system to control overtime in an auction, comprising:
-
means for offering a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
means for defining a closing time for said lot, wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller, means for receiving a first bid from a potential seller for said lot;
means for identifying said first bid as a current best bid;
means for comparing each successively received bid to said current best bid, and identifying said successive bid as said current best bid if said successive bid is better than said current best bid; and
means for determining whether a received bid is better than said current best bid; and
if said received bid is better than said current best bid, means for identifying said received bid as said current best bid and extending said closing time for said first lot by a second time interval; and
if said received bid is not better than said current best bid, means for determining whether said received bid satisfies at least one behind-market bid lot extension criteria; and
if said received bid satisfies at least one behind-market bid lot extension criteria, extending said closing time for said first lot by a third time interval.- View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
-
-
31. A computer program product for enabling a processor in a computer system to control overtime in an electronic auction, said computer program product comprising:
-
a computer usable medium having computer readable program code means embodied in said medium for causing an application program to execute on the computer system, said computer readable program code means comprising;
a first computer readable program code means for enabling the computer system to offer a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
a second computer readable program code means for enabling the computer system to define a closing time for said lot, wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller;
a third computer readable program code means for enabling the computer system to determine if a received bid satisfies at least one behind-market bid lot extension criteria within a first time interval of said closing time for said lot, wherein said at least one behind-market bid lot extension criteria can be satisfied if said received bid is not better than a current best bid; and
a fourth computer readable program code means for enabling the computer system to extend said closing time for said first lot by a second time interval if said received bid satisfies at least one behind-market bid lot extension criteria. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39, 40)
-
-
41. A system to control overtime in an electronic auction, comprising:
-
means for offering a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
means for defining a closing time for said lot;
wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller;
means for determining if a received bid satisfies at least one behind-market bid lot extension criteria, wherein said at least one behind-market bid lot extension criteria can be satisfied if said received bid is not better than a current best bid, within a first interval of said closing time for said lot; and
means for extending said closing time for said first lot by a second time interval, if said received bid satisfies at least one behind-market bid lot extension criteria. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50)
-
-
51. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first time interval is an overtime trigger interval representing a time interval during which an overtime condition can cause extension of a closing time;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
52. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said second time interval is an overtime extension interval representing a time interval to extend a closing time;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
53. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids;
assigning an ordinal rank to each bid from a best bid to a worst bid; and
receiving a bid having an ordinal rank that is within a predefined number of rank ordinal positions of best bid;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (54)
-
-
55. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price within a predefined price of said best bid price;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
56. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price within a predefined percentage of said best bid price;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
57. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises receiving a bid from a predefined bidder;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (58)
-
-
59. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a first set of bids;
determining a first frequency for said first set of bids; and
receiving a second set of bids at a second frequency;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (60)
-
-
61. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids from a group of bidders;
generating a statistical analysis parameter for said received bids; and
matching said statistical analysis parameter with a predefined statistical analysis parameter;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
62. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids from a bidder;
generating a statistical analysis parameter for said received bids; and
matching said statistical analysis parameter with a predefined statistical analysis parameter;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
63. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot;
b) determining whether said first overtime condition occurs during said first time interval;
c) extending said first closing time using said second time interval in accordance with said determination;
d) modifying at least one of said first time interval, said second time interval and said first overtime condition; and
e) performing (b) and (c) using said at least one modified first time interval, second time interval and first overtime condition.
-
-
64. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot;
b) determining whether said first overtime condition occurs during said first time interval;
c) extending said first closing time using said second time interval in accordance with said determination;
d) defining a third time interval, a fourth time interval, a second overtime condition and a second closing time for a second lot;
e) determining whether said second overtime condition occurs during said third time interval; and
f) extending said second closing time using said fourth time interval if said second overtime condition occurs.
-
-
65. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first lot comprises at least one of a custom industrial product and material, and at least one of said first time interval, said second time interval and said first overtime condition is defined in accordance with said at least one of a custom industrial product and materials;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
66. A method to control overtime in an electronic auction, comprising:
-
a) defining a first time interval, a second time interval a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price other than said best bid price;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
67. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first time interval is an overtime trigger interval representing a time interval during which an overtime condition can cause extension of a closing time;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
68. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said second time interval is an overtime extension interval representing a time interval to extend a closing time;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
69. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids;
assigning an ordinal rank to each bid from a best bid to a worst bid; and
receiving a bid having an ordinal rank that is within a predefined number of rank ordinal positions of best bid;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (70)
-
-
71. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price within a predefined price of said best bid price;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
72. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price within a predefined percentage of said best bid price;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
73. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises receiving a bid from a predefined bidder;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (74)
-
-
75. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a first set of bids;
determining a first frequency for said first set of bids; and
receiving a second set of bids at a second frequency;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination. - View Dependent Claims (76)
-
-
77. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids from a group of bidders;
generating a statistical analysis parameter for said received bids; and
matching said statistical analysis parameter with a predefined statistical analysis parameter;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
78. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids from a bidder;
generating a statistical analysis parameter for said received bids; and
matching said statistical analysis parameter with a predefined statistical analysis parameter;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
79. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot;
b) determining whether said first overtime condition occurs during said first time interval;
c) extending said first closing time using said second time interval in accordance with said determination;
d) modifying at least one of said first time interval, said second time interval and said first overtime condition; and
e) performing (b) and (c) using said at least one modified first time interval, second time interval and first overtime condition.
-
-
80. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot;
b) determining whether said first overtime condition occurs during said first time interval;
c) extending said first closing time using said second time interval in accordance with said determination;
d) defining a third time interval, a fourth time interval, a second overtime condition and a second closing time for a second lot;
e) determining whether said second overtime condition occurs during said third time interval; and
f) extending said second closing time using said fourth time interval if said second overtime condition occurs.
-
-
81. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first lot comprises at least one of a custom industrial product and material, and at least one of said first time interval, said second time interval and said first overtime condition is defined in accordance with said at least one of a custom industrial product and material;
b) determining whether said first overtime condition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
82. A machine-readable medium whose contents cause a computer to control overtime in an electronic auction, by performing:
-
a) defining a first time interval, a second time interval, a first overtime condition and a first closing time for a first lot, wherein said first overtime condition comprises;
receiving a plurality of bids each having a bid price;
ordering each bid from a best bid price to a worst bid price; and
receiving a bid having a bid price other than said best bid price;
b)ition occurs during said first time interval; and
c) extending said first closing time using said second time interval in accordance with said determination.
-
-
83. A method to control overtime in an electronic auction, comprising the steps of:
-
(a) offering a plurality of lots, defined at least in part by a buyer, to a plurality of potential sellers, each of said plurality of lots having at least one product;
(b) defining a closing time for each of said plurality of lots, wherein a closing time for a lot defines a time before which bids for the lot are to be submitted by a potential seller;
(c) defining an overtime extension parameter for each of said plurality of lots, said overtime extension parameter indicating a length of an overtime period for an associated lot, wherein an overtime extension parameter for a lot is based upon characteristics of one or more items in the lot;
(d) determining whether an overtime period is triggered in one of said plurality of lots; and
(e) if an overtime period is triggered in said one of said plurality of lots, extending the auction for said one of said plurality of lots by an amount of time defined by said overtime extension parameter associated with said one of said plurality of lots.
-
-
87. A method to control overtime in an electronic auction, comprising the steps of:
-
(a) offering a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
(b) defining a closing time for said lot, wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller;
(c) receiving a first bid from a potential seller for said lot, (d) identifying said first bid as a current best bid;
(e) comparing each successively received bid to said current best bid, and identifying said successive bid as said current best bid if said successive bid is better than said current best bid;
(f) within a first time interval of said closing time for said lot, (i) determining whether a received bid is better than said current best bid;
(i bid is better than said current best bid, identifying said received bid as said current best bid and extending said closing time for said first lot by a second time interval;
(iii) if said received bid is not better than said current best bid, determining whether said received bid satisfies at least one behind-market bid lot extension criteria; and
(iv) if said received bid satisfies at least one behind-market bid lot exime for said first lot by a third time interval. - View Dependent Claims (88, 89, 90, 92, 94, 95, 96, 97)
-
-
98. A method to control overtime in an electronic auction, comprising the steps of:
-
(a) offering a lot, defined at least in part by a buyer, to a plurality of potential sellers, said lot having at least one product;
(b) defining a closing time for said lot, wherein said closing time for said lot defines a time before which bids for the lot are to be submitted by a potential seller;
(c) within a first time interval of said closing time for said lot, determining if a received bid satisfies at least one behind-market bid lot extension criteria, wherein said at least one behind-market bid lot extension criteria can be satisfied if said received bid is not better than a current best bid; and
(d) if said received bid satisfies at least one behind-market bid lot extension criter second time interval. - View Dependent Claims (99, 100, 101, 102, 103, 104, 105, 106, 107)
-
Specification