System and method for promoting competition in an auction
First Claim
1. A method of promoting competitive bidding in an online auction having a non-favored bidder, a favored bidder, and a sponsor, said method comprising:
- receiving a first bid from said non-favored bidder;
receiving a second bid from said favored bidder;
determining by a processor, a market position for said non-favored bidder in relation to said favored bidder, at least in part by determining a relative spread using the second bid;
displaying feedback information to at least one of said non-favored bidder and said favored bidder, said feedback information comprising said market position;
receiving a third bid from at least one of the non-favored and favored bidder; and
updating the market position for at least one of said non-favored bidder and said favored bidder using the received third bid.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for promoting competitive bidding in an online auction that has a bidder, a favored bidder, and a sponsor, including receiving bids from the bidder and the favored bidder, deriving a relative spread, determining a market position for the bidder and the favored bidder, and displaying feedback information to at least one of the favored bidder or the bidder. The relative spread represents a minimum premium amount required before the sponsor awards a contract to a non-favored bidder. The market position reflects a comparison of the bid of the favored bidder to the bid of the bidder using the relative spread and the feedback information shows the market position.
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Citations
22 Claims
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1. A method of promoting competitive bidding in an online auction having a non-favored bidder, a favored bidder, and a sponsor, said method comprising:
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receiving a first bid from said non-favored bidder; receiving a second bid from said favored bidder; determining by a processor, a market position for said non-favored bidder in relation to said favored bidder, at least in part by determining a relative spread using the second bid; displaying feedback information to at least one of said non-favored bidder and said favored bidder, said feedback information comprising said market position; receiving a third bid from at least one of the non-favored and favored bidder; and updating the market position for at least one of said non-favored bidder and said favored bidder using the received third bid. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A machine readable storage medium for promoting competitive bidding in an online auction having a non-favored bidder, a favored bidder, and a sponsor, said machine readable medium comprising computer instructions for:
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receiving a first bid from said non-favored bidder; receiving a second bid from said favored bidder; determining a market position for said non-favored bidder in relation to said favored bidder, at least in part by determining a relative spread using the second bid; displaying feedback information to at least one of said bidder and said favored bidder and, said feedback information comprising said market position; receiving a third bid from at least one of the non-favored and favored bidder; and updating the market position for at least one of said non-favored bidder and said favored bidder using the received third bid. - View Dependent Claims (10, 11, 18, 19, 20, 21, 22)
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12. A system for promoting competitive bidding in an online auction having a non-favored bidder, a favored bidder, and a sponsor, said system comprising:
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at least one processor configured to; receive a first bid from said non-favored bidder; receive a second bid from said favored bidder; determine a market position for said non-favored bidder in relation to said favored bidder, at least in part by determining a relative spread using the second bid; display feedback information to at least one of said non-favored bidder and said favored bidder, said feedback information comprising said market position; receive a third bid from at least one of the non-favored and favored bidder; and update the market position for at least one of said non-favored bidder and said favored bidder using the received third bid.
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13. A computer system operatively connected to a network comprising:
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means for receiving a first bid from a non-favored bidder and a second bid from a favored bidder over said network; means for determining a market position for said non-favored bidder in relation to said favored bidder, at least in part by determining a relative spread using the second bid; means for transmitting feedback information, said feedback information comprising said market position and at least one of a textual representation and a graphical representation; means for receiving a third bid from at least one of the non-favored and favored bidder; and means for updating the market position for at least one of said non-favored bidder and said favored bidder using the received third bid. - View Dependent Claims (14, 15, 16, 17)
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Specification