Ascending bid auction for multiple objects
First Claim
1. A method for conducting an auction of a plurality of items, the auction including a bidding process and allowing submission of bids on the items at a plurality of times, said method implemented on a system including plural bid entry terminals and a bidding information processor which is located remotely from at least one said bid entry terminal and interconnected with said one bid entry terminal using a communications network, the method comprising:
- a) transmitting information from the bidding information processor regarding the bidding process;
b) thereafter, receiving bids at the bidding information processor, the bids submitted by a plurality of bidders using the bid entry terminals, at least one of said bids including at least one quantity parameter and indicating quantities of the items that a bidder wishes to transact at each of at least two prices;
c) thereafter, determining, at the bidding information processor, whether the auction should end or continue, based on a comparison of a sum of quantities that bidders wish to transact and an available quantity of items;
d) thereafter, generating updated information regarding the bidding process for transmission to at least one bidder; and
e) initiating at least one additional opportunity for bidders to submit bids following a determination that the auction should continue.
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Accused Products
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.
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Citations
14 Claims
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1. A method for conducting an auction of a plurality of items, the auction including a bidding process and allowing submission of bids on the items at a plurality of times, said method implemented on a system including plural bid entry terminals and a bidding information processor which is located remotely from at least one said bid entry terminal and interconnected with said one bid entry terminal using a communications network, the method comprising:
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a) transmitting information from the bidding information processor regarding the bidding process; b) thereafter, receiving bids at the bidding information processor, the bids submitted by a plurality of bidders using the bid entry terminals, at least one of said bids including at least one quantity parameter and indicating quantities of the items that a bidder wishes to transact at each of at least two prices; c) thereafter, determining, at the bidding information processor, whether the auction should end or continue, based on a comparison of a sum of quantities that bidders wish to transact and an available quantity of items; d) thereafter, generating updated information regarding the bidding process for transmission to at least one bidder; and e) initiating at least one additional opportunity for bidders to submit bids following a determination that the auction should continue. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer system for implementing an auction of a plurality of items, the auction including a bidding process and allowing submission of bids on the items at a plurality of times, the system comprising:
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a) transmitting means for transmitting a signal representing information regarding the bidding process; b) receiving means for receiving bids submitted by a plurality of bidders, at least one of said bids including at least one quantity parameter and indicating quantities of the items that a bidder wishes to transact at each of at least two prices; c) 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 and an available quantity of items; d) generating means for generating updated information regarding the bidding process for transmission to at least one bidder; and e) initiating means for initiating at least one additional opportunity for bidders to submit bids following a determination that the auction should continue. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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Specification