Ascending bid auction for multiple auctions

• US 7,337,139 B1
• Filed: 09/15/1999
• Issued: 02/26/2008
• Est. Priority Date: 01/04/1996
• Status: Expired due to Term

• Current Assignee: Efficient Auctions, LLC
• Original Assignee: Efficient Auctions, LLC
• Inventors: Ausubel, Lawrence M.
• Primary Examiner(s): Poinvil; Frantzy
• Application Number:
  US09/397,008
• Time in Patent Office: 3,086 Days
• Field of Search: 705 10- 43
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: H04L 12/1809 for auctioneering devices

Abstract

An automated system for conducting an auction and a method for operating the system. The system comprises a plurality of bid entry terminal and a bidding information processor communicatively coupled to the bid entry terminals. Bidders at the bid entry terminals observe displayed information and enter bids accordingly. The bidding information processor and the bid entry terminals communicate and process information in order to conduct an auction. The method involves conducting an auction in which the price paid by bidders is independent of their own bids, in which participants are provided with information concerning their competitors'"'"' bids as the auction progresses, and in which the confidentiality of high values is maintained. This provides the advantage of improving the economic efficiency of the auction design over the existing art.

Claims

1. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising;

means for generating current bidding information, the current bidding information including at least an indicator of a current price,

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals, and

means for determining, separately for each of a plurality of bidders, a quantity of objects, if any, to be assigned in a current round;

means assigning the determined quantity of objects to the determined bidder in the current round, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

each bid entry terminal comprising;

means for receiving a bid from a participating bidder, the bid indicating a quantity of objects to be transacted,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor;

wherein the determining means comprises;

a) a first summing means for summing quantities of objects to be transacted by all bidders at the current price;

b) a first comparing means, coupled to the first summing means, for comparing the summed quantities of objects to be translated at the current price with a current quantity of available objects;

c) a first assigning means, coupled to the comparing means, for assigning objects to a bidder based on the bids of the other bidders and decreasing the current quantity of objects available, if the summed quantities of objects to be transacted at the current price is greater than the current quantity of available objects; and

d) a second assigning means, coupled to the comparing means, for assigning to each bidder a quantity of objects corresponding to each bidder'"'"'s respective bid, if the summed quantities of objects to be transacted at the current price is not greater than the current quantity of available objects.

2. The system of claim 1, wherein the first assigning means comprises:

a) means for selecting for consideration of a bidder not yet considered;

b) a second summing means, coupled to the selecting means, for summing the quantities to be transacted by all bidders other than the bidder being considered;

c) a second comparing means, coupled to the second summing means, for comparing the quantity to be transacted by all bidders other than the bidder being considered with the current quantity of available objects; and

d) a third assigning means, coupled to the comparing means, for assigning objects in excess of those to be transacted by all bidders other than the bidder being considered to the bidder being considered and subtracting those objects from the current quantity of available objects, if the quantity to be transacted by all bidders other than the bidder being considered is less than the current quantity of available objects.

3. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising;

means for generating current bidding information, the current bidding information including at least an indicator of a current price,

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for each of a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder in the current round, said assigning creating an obligation for the determined quantity with respect to the determined bidder, and

means for generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving bids from a participating bidder, at least one of said bids including a quantity parameter including a quantity of objects to be transacted,

means for limiting each bid by a bidder based on a preceding bid by the bidder,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor.

4. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising;

means for generating current bidding information, the current bidding information including at least an indicator of a current price,

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for each of a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder in the current round, said assigning creating an obligation for the determined quantity with respect to the determined bidder, and

means for generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving bids from a participating bidder, at least one of said bids including a quantity parameter indicating a quantity of objects to be transacted,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor.

5. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising;

means for generating current bidding information, the current bidding information including at least an indicator of a current price,

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for each of a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder in the current round, said assigning creating an obligation for the determined quantity with respect to the determined bidder, and

means for generating updated bidding information, said means including means for receiving an updated current price specified by an auctioneer, and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving bids from a participating bidder, at least one of said bids including a quantity parameter including a quantity of objects to be transacted,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor;

wherein the means for generating updated bidding information comprises means for receiving an updated current price specified by an auctioneer.

6. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals, the bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising;

means for generating current bidding information including at least a current price associated with at least one object;

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals, and

means for determining, separately for a plurality of bidders, a quantity of objects, if any, to be assigned in a current round;

means for assigning the determined quantity of objects to the determined bidder at a price for the round, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

each bid entry terminal comprising;

means for receiving a bid from a participating bidder, the bid indicating at least an object, or a quantity of objects to be transacted, and an associated price,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor;

wherein the determining means comprises;

a) first summing means for summing quantities of objects to be transacted by all bidders at the current price;

b) first comparing means, coupled to the first summing means, for comparing the summed quantities of objects to be transacted in the current round quantity of available objects;

c) first assigning means, coupled to the comparing means, for assigning objects to a bidder based on the bids of other bidders and decreasing the current quantity of objects available, if the summed quantities of objects to be transacted in the current round is greater than the current quantity of available objects; and

d) second assigning means, coupled to the comparing means, for assigning to each bidder a quantity of objects corresponding to each bidder'"'"'s respective bid, if the summed quantities of objects to be transacted in the current round is not greater than the current quantity of available objects.

7. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals, the bid entry terminals operated by bidders;

a bidding information processor, a bidding information processor being communicatively coupled to bid entry terminals and comprising;

means for generating current bidding information including at least a current price associated with at least one object;

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder at the price for the round, said assigning indicating a winning bidder, and

means for generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving a bid from a participating bidder, the bid indicating at least an object, or a quantity of objects to be transacted, and an associated price,

means for limiting the number of objects on which a bidder may bid to be no larger than a number of objects on which the bidder was allowed to bid in a preceding round,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor.

8. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals, the bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals and comprising;

means for generating current bidding information including at least a current price associated with at least one object;

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder at the price for the round, said assigning creating an obligation for the determined quantity with respect to the determined bidder, and

means for generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving a bid from a participating bidder, the bid indicating a quantity of objects to be transacted and a price associated with the quantity of objects,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor.

9. A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a plurality of bid entry terminals, the bid entry terminals operated by bidders;

a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals and comprising;

means for generating current bidding information including at least a current price associated with at least one object;

means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals,

means for receiving bids from bid entry terminals,

means for determining, separately for a plurality of bidders, a quantity of objects, if any, to be assigned in a current round,

means for assigning the determined quantity of objects to the determined bidder at the price for the round, said assigning indicating a winning bladder, and

means for generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

each bid entry terminal comprising;

means for receiving a bid from a participating bidder, a plurality of bids comprising a list of specific objects and a price associated with each object in the list,

means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and

means for receiving current bidding information from the bidding information processor.

10. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of bid entry terminals, the current bidding information including at least an indicator of a current price,

b) receiving bids from participating bidders at the bid entry terminals, each of said bids representing at least a quantity of the objects a bidder wishes to transact and at least one of said bids including a quantity parameter indicating a quantity of the objects the bidder wishes to transact;

c) transmitting a signal representing a bid from each bid entry terminal which received a bid;

d) determining separately, for each of a plurality of bidders, a quantity of the objects, if any, to be assigned in the current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder; and

e) generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned.

11. A method as recited in claim 10 wherein the assignment in step d) occurs at a price related to the round in which the assignment occurs.

12. A method as recited in claim 10 wherein the determining in step d) occurs at the price of the round in which the assignment occurs.

13. A method as in claim 10 wherein the determining in step d) is effected for each bidder who submitted a bid in the round.

14. The method of claim 10 wherein the determining step comprises the steps of:

a) selecting for consideration a bidder not yet considered;

b) summing the quantities to be transacted by all bidders other than a bidder being considered;

c) if the sum of quantities to be transacted by all bidders other than the bidder being considered is less than the current quantity of available objects, assigning the objects within the bid and in excess of those to be transacted by all bidders other than the bidder being considered, to the bidder being considered and subtracting those objects from the current quantity of available objects;

repeating steps a-c for each participating bidder.

15. The method of claim 10, further including the step of limiting each bid entered by a bidder by an immediately preceding bid entered by that bidder.

16. The method of claim 10, wherein the updated bidding information includes all bids received at the bidding information processor at the current price and further comprising the step of displaying all bids on all bid entry terminals.

17. The method of claim 10, wherein the updated bidding information includes a sum of bids received at the bidding information processor and further comprising the step of displaying the sum.

18. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of bid entry terminals, the current bidding information including at least an indicator of a current price;

b) receiving bids from participating bidders at the bid entry terminals, each bid representing at least a quantity of objects a bidder wishes to transact;

c) transmitting a signal representing a bid from each bid entry terminal which received a bid;

d) determining separately, for each of a plurality of bidders, a quantity of objects, if any, to be assigned in the current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder; and

e) generating updated bidding information and initiating at least one more round of bidding if any objects remain unassigned;

wherein the determining comprises;

f) summing the quantities to be transacted by all bidders to determine a total quantity of objects to be transacted at the current price;

g) if the total quantity of objects to be transacted at the current price is greater than a current quantity of available objects, assigning objects to a bidder based on the bids of other bidders and decreasing the current quantity of objects available in accordance with the assigning;

h) if the total quantity of objects to be transacted at the current price is not greater than the current quantity of available objects, assigning to each bidder a quantity of objects corresponding to each bidder'"'"'s respective bid.

19. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of the bid entry terminals;

b) allowing participating bidders to enter bids at bid entry terminals, a bid indicating at least an object, or a quantity of objects, and an associated price;

c) transmitting a signal representing a bid from a bid entry terminal which received the bid;

d) determining separately, for each of a plurality of bidders, a quantity of objects, if any, to be assigned to the bidder in a current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

e) generating updated bidding information at the bidding information processor; and

f) initiating at least one additional round of bidding if at least one object remains unassigned;

wherein the determining comprises;

g) selecting for consideration of a bidder not yet considered;

h) summing the quantities to be transacted by all bidders other than the bidder being considered;

i) if the sum of quantities to be transacted by all bidders other than the bidder being considered is less than the current quantity of available objects, assigning the objects within the bid and in excess of those to be transacted by all bidders other than the bidder being considered, to the bidder being considered and subtracting those objects from the current quantity of available objects; and

j) repeating g)-i) for each participating bidder.

20. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of the bid entry terminals;

b) allowing participating bidders to enter bids at bid entry terminals, a bid indicating at least an object, or a quantity of objects, and an associated price;

c) limiting the number of objects on which a bidder is allowed to bid so as not to be larger than the number of objects on which the bidder actually bid at a preceding price;

d) transmitting a signal representing a bid from a bid entry terminal which received the bid;

e) determining separately, for each of a plurality of bidders, a quantity of objects, if any, to be assigned to a bidder in the current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning indicating a winning bidder;

f) generating updated bidding information at the bidding information processor; and

g) initiating at least one additional round of bidding if at least one object remains unassigned.

21. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substituting at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of the bid entry terminals;

b) allowing participating bidders to enter bids at bid entry terminals, a bid indicating a quantity of objects and a price associated with the quantity of objects;

c) transmitting a signal representing a bid from a bid entry terminal which received a bid;

d) determining separately, for each of a plurality of bidders, a quantity of objects, if any, to be assigned to a bidder in a current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

e) generating updated bidding information at the bidding information processor; and

f) initiating at least one additional round of bidding if at least one object remains unassigned.

22. In a system including a plurality of bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, a method for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current bidding information from the bidding information processor to a plurality of the bid entry terminals;

b) allowing participating bidders to enter bids at bid entry terminals, wherein a bid indicates a list of specific objects and a price associated with each object in the list;

c) transmitting a signal representing a bid from a bid entry terminal which received a bid;

d) determining separately, for each of a plurality of bidders, a quantity of objects, if any, to be assigned to a bidder in a current round, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning indicating a winning bidder;

e) generating updated bidding information at the bidding information processor; and

f) initiating at least one additional round of bidding if at least one object remains unassigned.

23. A computer-implemented method for conducting an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times and allowing assignment of identical items, similar items or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current information regarding bidding;

b) receiving bids submitted by a plurality of bidders, a bid indicating at least a quantity of the items that a bidder wishes to transact;

c) determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at a current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating updated information regarding the bidding process; and

e) initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining comprises;

f) summing quantities to be transacted by all bidders at the current time to determine a total quantity of items to be transacted at the current time; and

g) if the total quantity of items to be transacted at the current time is greater than a current quantity of available items, assigning items to a bidder based on the bids of other bidders and decreasing the current quantity of items available in accordance with the assigning;

h) if the total quantity of items to be transacted at the current time is not greater than the current quantity of available items, assigning to each bidder a quantity of items corresponding to each bidder'"'"'s respective bid.

24. A computer-implemented method for conducting an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times and allowing assignment of the identical items, similar items or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current information regarding bidding;

b) receiving bids submitted by a plurality of bidders, a bid indicating at least a quantity of the items that a bidder wishes to transact;

c) determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at a current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating updated information regarding the bidding process; and

e) initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining comprises;

f) selecting for consideration a bidder not yet considered;

g) summing the quantities to be transacted by all bidders other than the bidder being considered;

h) calculating a quantity of items to be assigned to the bidder being considered, equaling the quantity of available items minus the sum of quantities to be transacted by all bidders other than the bidder being considered, if the sum of quantities to be transacted by all bidders other than the bidder being considered is less than the quantity of available items, and equaling zero otherwise;

i) assigning the quantity of items calculated in step c), within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered; and

j) repeating f)-i) for each bidder.

25. A computer-implemented method for conducting an auction of a plurality of items, the auction allowing submission of bids on identical items, similar items or close substitutes at a plurality of times and allowing assignment of the items at different prices, the method comprising:

a) transmitting a signal representing current information regarding bidding, wherein said current information includes an indicator of a current price;

b) receiving bids submitted by a plurality of bidders, a bid indicating at least a quantity of the items that a bidder wishes to transact;

c) determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at a current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating updated information regarding the bidding process; and

e) initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining comprises;

f) selecting for consideration a bidder not yet considered;

g) summing the quantities to be transacted at the current price by all bidders other than the bidder being considered;

h) calculating a quantity of items to be assigned to the bidder being considered, equaling the quantity of available items minus the sum of quantities to be transacted at the current price by all bidders other than the bidder being considered, if the sum of quantities to be transacted at the current price by all bidders other than the bidder being considered is less than the quantity of available items, and equaling zero otherwise;

i) assigning the quantity of items calculated in step c), within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered at the current price; and

j) repeating f)-i) for each bidder.

26. A computer-implemented method for conducting an auction of a plurality of objects, the auction allowing submission of bids on the objects at a plurality of times and allowing assignment of identical objects, similar objects or close substitutes at different prices, the method comprising:

a) transmitting a signal representing current information regarding bidding;

b) receiving bids submitted by a plurality of bidders, each bid indicating at least an object or a quantity of objects, and an associated price;

c) determining, for each of a plurality of bidders, objects or a quantity of objects, if any, to be assigned to the bidder at a current time, and in the event of such determined objects or quantity of objects, assigning the determined objects or quantity of objects to the determined bidder, said assigning indicating a winning bidder;

d) generating updated information regarding the bidding process; and

e) initiating at least one additional opportunity for the submission of bids if at least one object remains unassigned;

wherein the determining comprises the steps of;

f) selecting for consideration a bidder not yet considered;

g) summing the quantities to be transacted by all bidders other than the bidder being considered;

h) calculating a quantity of objects to be assigned to the bidder being considered, equaling the quantity of available objects minus the sum of quantities to be transacted by all bidders other than the bidder being considered, if the sum of quantities to be transacted by all bidders other than the bidder being considered is less than the quantity of available objects, and equaling zero otherwise;

i) assigning the quantity of objects calculated in step c), within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered; and

j) repeating f)-i) for each bidder.

27. The method of claim 26 wherein the assigning of objects or a quantity of objects occurs at the associated price.

28. The method of claim 26 wherein the current information regarding the bidding process includes a minimum price that may be submitted in a bid.

29. The method of claim 26 wherein the current information regarding the bidding process includes a maximum price that may be submitted in a bid.

30. The method of claim 26 wherein a number of objects on which a bidder is allowed to bid is not greater than a number of objects on which the bidder bid in an immediately preceding round.

31. The method of claim 26 wherein a bid comprises a list of specific objects and a price associated with each object in the list.

32. The method of claim 26 wherein a bid comprises an indication of a quantity of objects and a price associated with the quantity of objects.

33. The method of claim 26 wherein a bid indicates the quantity of objects that a bidder wishes to transact at two or more prices.

34. A system comprising at least one computer for implementing an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times and allowing assignment of identical items similar items or close substitutes at different prices, the system comprising:

a) transmitting means for transmitting a signal representing current information regarding bidding to a plurality of bidders;

b) receiving means for receiving bids submitted by a plurality of bidders, a bid indicatingat least a quantity of the items that a bidder wishes to transact;

determining means for determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at a current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating means for generating updated information regarding the bidding process; and

e) initiating means for initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining means comprises;

f) summing means for summing quantities to be transacted by all bidders at the current time;

g) comparing means, coupled to the summing means, for comparing the summed quantity of items to be transacted at a current time with the current quantity of available items;

h) first assigning means, coupled to the comparing means, for assigning items to a bidder based on bids of other bidders and decreasing the current quantity of items available in accordance with the assigning, if the summed quantity of items to be transacted at the current time is greater than the current quantity of available items; and

i) second assigning means, coupled to the comparing means, for assigning to each bidder a quantity of items corresponding to each bidder'"'"'s respective bid, if the summed quantity of items to be transmitted at the current time is not greater than the current quantity of available items.

35. A system comprising at least one computer for implementing an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times and allowing assignment of identical items, similar items or close substitutes at different prices, the system comprising:

a) transmitting means for transmitting a signal representing current information regarding bidding to a plurality of bidders;

b) receiving means for receiving bids submitted by a plurality of bidders, a bid indicating at least a quantity of the items that a bidder wishes to transact;

determining means for determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at the current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating means for generating updated information regarding the bidding process; and

e) initiating means for initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining means comprises;

f) selecting means for selecting for consideration a bidder not yet considered;

g) summing means, coupled to the selecting means, for summing the quantities to be transacted by all bidders other than the bidder being considered;

h) calculating means, coupled to the summing means, for calculating a quantity of items to be assigned to the bidders being considered, equaling the quantity of available items minus the summed quantities to be transacted by all bidders other than the bidder being considered, if the summed quantities to be transacted by all bidders other than the bidder being considered is less than the quantity of available items, and zero otherwise; and

i) assigning means, coupled to the calculating means, for assigning the quantity of items calculated by the calculating means, within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered.

36. A system comprising at least one computer for implementing an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times and allowing assignment of identical items, similar items or close substitutes at different prices, the system comprising:

a) transmitting means for transmitting a signal representing current information regarding bidding to a plurality of bidders, wherein said current information includes an indicator of a current price;

b) receiving means for receiving bids submitted by a plurality of bidders, a bid indicating at least a quantity of the items that a bidder wishes to transact;

determining means for determining, for each of a plurality of bidders, a quantity of the items, if any, to be assigned at the current time, and in the event of such a determined quantity, assigning the determined quantity to the determined bidder, said assigning creating an obligation for the determined quantity with respect to the determined bidder;

d) generating means for generating updated information regarding the bidding process; and

e) initiating means for initiating at least one additional opportunity for bidders to submit bids if any items remain unassigned;

wherein the determining means comprises;

f) selecting means for selecting for consideration a bidder not yet considered;

g) summing means, coupled to the selecting means, for summing the quantities to be transacted at the current price by all bidders other than the bidder being considered;

h) calculating means, coupled to the summing means, for calculating a quantity of items to be assigned to the bidder being considered, equaling the quantity of available items minus the summed quantities to be transacted at the current price by all bidders other than the bidder being considered, if the summed quantities to be transacted at the current price by all bidders other than the bidder being considered is less than the quantity of available items, and zero otherwise; and

i) assigning means, coupled to the calculating means, for assigning the quantity of items calculated by the calculating means, within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered at the current price.

37. A system comprising at least one computer for implementing an auction of a plurality of objects, the auction allowing submission of bids on the objects a plurality of times and allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising:

a) transmitting means for transmitting a signal representing current information regarding bidding to a plurality of bidders;

b) receiving means for receiving bids submitted by a plurality of bidders, each bid indicating at least an object or a quantity of objects, and an associated price;

c) determining means for determining, for each of a plurality of bidders, objects or a quantity of objects, if any, to be assigned to a bidder at a current time, and in the event of such determined objects or quantity of objects, assigning the determined objects or quantity of objects to the determined bidder, said assigning indicating a winning bidder;

d) generating means for generating updated information regarding the binding process; and

e) initiating means for initiating at least one additional opportunity for bidders to submit bits if at least one object remains unassigned;

wherein the determining means comprises;

f) selecting means for selecting for consideration a bidder not yet considered;

g) summing means, coupled to the selecting means, for summing the quantities to be transacted by all bidders other than the bidder being considered;

h) calculating means, coupled to the summing means, for calculating a quantity of objects to be assigned to the bidder being considered, equaling the quantity of available objects minus the summed quantities to be transacted by all bladders other than bidder being considered, if the summed quantities to be transacted by all bidders other than the bidder being considered is less than the quantity of available objects, and equaling zero otherwise; and

i) assigning means, coupled to the calculating means, for assigning the quantity of objects calculated by the calculating means, within the bid of the bidder being considered and not previously assigned to the bidder being considered, to the bidder being considered.

38. The system of claim 37 wherein the determining means assigns objects or a quantity of objects at an associated price.

39. The system of claim 37 wherein the current information regarding the bidding process includes a minimum price that may be submitted in a bid.

40. The system of claim 37 wherein the current information regarding the bidding process includes a maximum price that may be submitted in a bid.

41. The system of claim 37 further including limiting means for limiting the number of objects on which a bidder is allowed to bid to be no greater than the number of objects on which the bidder bid in an immediately preceding round.

42. The system of claim 37 wherein a bid comprises a list of specific objects and a price associated with each object in the list.

43. The system of claim 37 wherein a bid comprises an indication of a quantity of objects and a price associated with the quantity of objects.

44. The system of claim 37 wherein a bid indicates the quantity of objects that a bidder wishes to transact at two or more prices.

45. A computer-implemented method for conducting an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times, the method comprising:

a) transmitting a signal representing information regarding bidding, said information including at least an indicator of a current price;

b) receiving bids submitted by a plurality of bidders, each said bid indicating at least a quantity of the items that a bidder wishes to transact at a current time and at least one bid including a quantity parameter indicating a quantity of the items that a bidder wishes to transact at the current time;

c) constraining bids so that the quantity contained in a bid at the current time is no greater than the quantity contained in an earlier bid;

d) summing quantities contained in all bids at the current time to determine a summed quantity of items at the current time;

e) determining whether the auction should end or continue, based on a comparison of the summed quantity of items at the current time and an available quantity of items;

f) generating updated information regarding the bidding process; and

g) initiating at least one additional opportunity for bidders to submit bids at a new price following a determination that the auction should continue.

46. The method of claim 45 which further includes assigning quantities contained in bids, at prices related to the current price, to the respective bidders following a determination that the auction should end.

47. The method of claim 45 which further includes assigning quantities contained in bids, at the current price, to the respective bidders following a determination that the auction should end.

48. The method of claim 45 wherein the updated information regarding the bidding process includes disaggregated quantities contained in each bid at the current price.

49. The method of claim 45 wherein the updated information regarding the bidding process includes a sum of quantities contained in said bids at the current price.

50. The method of claim 45 wherein a bid indicates quantities of items that a bidder wishes to transact at two or more prices.

51. A computer-implemented method for conducting an auction of a plurality of items, the auction submission of bids on the items at a plurality of times, the method comprising:

a) transmitting a signal representing information regarding bidding, said information including at least an indicator of a current price;

b) receiving bids submitted by a plurality of bidders, each said bid indicating at least a quantity of the items that a bidder wishes to transact at the current price;

c) constraining bids so that the quantity that a bidder wishes to transact at the current price can be no greater than the quantity that the bidder wished to transact at an immediately preceding price;

d) determining whether the auction should end or continue, based on a comparison of a sum of quantities that bidders with to transact at the current price and an available quantity of items;

e) generating updated information regarding the bidding process; and

f) initiating at least one additional opportunity for bidders to submit bids at a new price following a determination that the auction should continue;

wherein the determining comprises;

g) summing the quantities that all bidders wish to transact at the current price to determine a total quantity of items that bidders wish to transact at the current price;

h) if the total quantity of items that bidders wish to transact at the current price is greater than the current quantity of available items, determining that the auction should continue; and

i) if the total quantity of items that bidders wish to transact at the current price is not greater than the current quantity of available items, determining that the auction should end.

52. A system comprising at least one computer for implementing an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times, the system comprising:

a) transmitting means for transmitting a signal representing information regarding bidding, said information including at least an indicator of a current price;

b) receiving means for receiving bids submitted by a plurality of bidders, each said bid indicating at least a quantity of the items that a bidder wishes to transact at the current time and at least one said bid including a quantity parameter indicating a quantity of the items that a bidder wishes to transact at the current time;

c) constraining means for constraining bids so that the quantity contained in a bid at a current time can be no greater than the quantity contained in an earlier bid;

d) summing means for summing the quantities that all bidders wish to transact at the current time to determine a summed quantity of items that bidders wish to transact at the current time;

e) determining means for determining whether the auction should end or continue, based on a comparison of the summed quantity of items that bidders wish to transact at the current time and an available quantity of items;

f) generating means for generating updated information regarding the bidding process; and

g) initiating means for initiating at least one additional opportunity for bidders to submit bids at a new price following a determination that the auction should continue.

53. The system of claim 52 which further includes assigning means for assigning quantities that bidders wish to transact, at prices related to the current price, to the respective bidders following a determination that the auction should end.

54. The system of claim 52 which further includes assigning means for assigning quantities that bidders wish to transact, at the current price, to the respective bidders following a determination that the auction should end.

55. The system of claim 52 wherein the updated information regarding the bidding process includes the disaggregated quantities that each bidder wishes to transact at the current price.

56. The system of claim 52 wherein the updated information regarding the bidding process includes a sum of quantities that all bidders wish to transact at the current price.

57. The system of claim 52 wherein a bid indicates quantities of items that a bidder wishes to transact at two or more prices.

58. A system comprising at least one computer for implementing an auction of a plurality of items, the auction allowing submission of bids on the items at a plurality of times, the system comprising:

a) transmitting means for transmitting a signal representing information regarding bidding, said information including at least an indicator of a current price;

b) receiving means for receiving bids submitted by a plurality of bidders, each bid indicating at least a quantity of the items that a bidder wishes to transact at the current price;

c) constraining means for constraining bids so that the quantity that the bidder wishes to transact at the current price can be no greater than the quantity that the bidder wished to transact at an immediately preceding price;

d) determining means for determining whether the auction should end or continue, based on a comparison of a sum of quantities that bidders wish to transact at the current price and an available quantity of items;

e) generating means for generating updated information regarding the bidding process; and

f) initiating means for initiating at least one additional opportunity for bidders to submit bids at a new price following a determination that the auction should continue;

wherein the determining means comprises;

g) summing means for summing the quantities that all bidders wish to transact at the current price to determine a total quantity of items that bidders wish to transact at the current price;

h) comparing means, coupled to the summing means, for comparing the total quantity of items that bidders wish to transact at the current price with the available quantity of items;

i) second determining means, coupled to the comparing means, for determining that the auction should end if the total quantity of items that bidders wish to transact at the current price is no greater than the available quantity of items; and

j) third determining means, coupled to the comparing means, for determining that the auction should continue if the total quantity of items that bidders wish to transact at the current price exceeds the available quantity of items.