Total value bidding
First Claim
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1. A computer implemented method of evaluating values of different terms in online auctions comprising:
- obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value;
receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate;
transforming the first bid into a first value and the second bid into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders; and
providing as output the first and second value to allow the first value to be compared with the second value to choose the best bid for a particular situation;
wherein the transforming comprises;
determining a factor from the interest rate and the period; and
generating a first and second adder from the first and second payment times, respectively, the interest rate, the period, and the predetermined value; and
wherein the generating comprises;
calculating the adder (b) according to equations (2) and (3);
wherein;
q=1 to total time periods;
payment value=payment time−
period; and
extra timeq,=total time units from 0 to q time periods+payment value.
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Abstract
A method and system of evaluating values of different payment or delivery terms in online auctions, including obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value, receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate and transforming the first bid into a first value and the second bid into a second value using the interest rate, the period, and the predetermined value from the buyer, and the payment times and rebates from the first and second bidders.
66 Citations
19 Claims
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1. A computer implemented method of evaluating values of different terms in online auctions comprising:
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obtaining an interest rate and a period from a buyer for a lot, the lot having a predetermined value; receiving a first bid from a first bidder and a second bid from a second bidder on the lot, the first and second bids each having a payment time and a rebate; transforming the first bid into a first value and the second bid into a second value using the interest rate, period, and predetermined value from the buyer and the payment times and rebates from the first and second bidders; and providing as output the first and second value to allow the first value to be compared with the second value to choose the best bid for a particular situation; wherein the transforming comprises; determining a factor from the interest rate and the period; and generating a first and second adder from the first and second payment times, respectively, the interest rate, the period, and the predetermined value; and wherein the generating comprises; calculating the adder (b) according to equations (2) and (3); wherein; q=1 to total time periods; payment value=payment time−
period; andextra timeq,=total time units from 0 to q time periods+payment value. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method of evaluating values of different terms in online auctions comprising:
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obtaining an interest rate (i) and payment period (e) from a buyer for a plurality of lots, each lot having a price (n); receiving a plurality of bids from a plurality of bidders, each bid having a payment time (p) and a rebate (x); generating an adder (b) and a factor (m) for each bid; transforming the adders (b), factors (m), and rebates (x) into values (y); ranking the values (y); and providing as output the ranking to allow for the selection of the best bid for a particular situation; wherein the generating comprises; calculating the adder (b) according the equations (2) and (3); wherein; q=1 to g time periods, g=number of time periods, r=total time units in a time period, f=(p−
e), andzq=total time units from 0 to q.
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13. A method of evaluating values of different terms in online auctions comprising:
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obtaining an interest rate (i) and payment period (e) from a buyer for a lot, the lot having a price (n); soliciting a plurality of bids from a plurality of bidders; receiving the bids from the bidders, each bid having a payment time (p) and a rebate (x); calculating a factor (m) according to equation (1);
m=n/(1+i)t
(1)wherein; t=time in which the rebate (x) will be paid; generating adders (b) for each bid according to equations (2) and (3); wherein; q=1 to g time periods, g=number of time periods, r=total time units in a time period, f=(p−
e), andzq=total time units from 0 to q; determining the values (y) according to equation (4);
y=(m*x)+b;
(4)ranking the values (y); and providing as output the ranking to allow for the selection of the best bid for a particular situation.
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14. A system for evaluating values of different terms in online auctions comprising:
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a database for receiving and storing an interest rate and a period from a buyer for a plurality of lots and a plurality of bids on the lots from a plurality of bidders, each bid having a payment time and a rebate, the lots having a predetermined value; and a processor configured to; generate an adder and a factor for each bid and transform the adders, factors and rebates into values; and provide output to allow for the selection of the best bid for a particular situation; wherein the adder (b) is calculated according to equations (2) and (3); wherein; q=1 to 12 months, payment value=payment time−
period, andextra timeq=total time in days from 0 to q months+payment value. - View Dependent Claims (15, 16, 17, 18)
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19. A computer program product for evaluating values of different terms in online auctions, the computer program product being embodied in a computer readable storage medium and comprising computer instructions which, when executed, cause a computer to:
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receive and store an interest rate and a period from a buyer for lots, each lot having a predetermined value; receive bids from bidders, each bid having a payment time and a rebate; generate an adder and a factor for each bid; and transform the adders, factors and rebates into values; wherein the adder (b) is calculated according to equations (2) and (3); wherein; q=1 to 12 months, payment value=payment time−
period, andextra timeq=total time in days from 0 to q months+payment value.
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Specification