System and method for running a dynamic auction

• US 20030050861A1
• Filed: 09/10/2001
• Published: 03/13/2003
• Est. Priority Date: 09/10/2001
• Status: Abandoned Application

• Current Assignee: Foothill Capital Corporation
• Original Assignee: GE Information Services, Inc.
• Inventors: Walker, Todd H., Martin, Joshua J.D.
• Application Number:
  US09/948,902
• Publication Number:
  US 20030050861A1
• Time in Patent Office: Days
• US Class Current: 705/27
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A system and method for conducting a forward auction and a reverse auction from a single software component operable on a computer system receives information regarding the details of the auction and the direction of the auction, where the direction is either forward or reverse. A first auction is run based on the received information with the single software component. After receiving at least one bid, a winner of the first auction is determined from the at least one bid. A second auction is run with the single software component in the other of the forward or reverse direction based on the received information and information related to the determined winning bid.

Claims

1. A method for conducting a forward auction and a reverse auction from a single software component operable on a computer system, comprising:

receiving information regarding the details of the auction and the direction of the auction, where the direction is either forward or reverse;

running a first auction based on the received information with the single software component;

receiving at least one bid;

determining a winner of the first auction from the at least one bid; and

running a second auction with the single software component in the other of the forward or reverse direction based on the received information and information related to the determined winning bid.

2. A method according to claim 1, wherein the single software component is a self-contained re-deployable piece of software code.

3. A method according to claim 1, wherein the single software component comprises pre-developed pieces of application code assembled into a single working application system.

4. A method according to claim 1, wherein the step of receiving information includes:

receiving information corresponding to an auction object; and

receiving information corresponding to one or more auction-parameter objects.

5. A method according to claim 4, wherein the auction object includes the name of the auction and the start and end time of the auction.

6. A method according to claim 4, wherein the auction-parameter objects include at least one of the description of the item being sold or purchased, the amount of the item being sold or purchased, the direction of the auction and a target price.

7. A method according to claim 6, wherein the auction-parameter object corresponding to the direction of the auction includes functionality for performing the auction in the applicable direction.

8. A method according to claim 4, further comprising:

storing the auction object and the auction-parameter objects in a data store.

9. A method according to claim 8, further comprising:

providing a reference for the auction object to the auction-parameter objects.

10. A method according to claim 9, wherein the reference is a pointer from the auction object to the auction-parameter objects.

11. A method according to claim 1, further comprising:

sending notification to each of a first group of participants for the first auction to submit a bid; and

sending notification to each of a second group of participants for the second auction to submit a bid.

12. A method according to claim 11, wherein at least one participant in the first group of participants is different from at least one participant in the second group of participants.

13. A method according to claim 1, wherein the information relating to the determined winning bid includes the purchase or sale price, how much was purchased or sold, the identity of the buyer or seller, and the name of the auction.

14. A method according to claim 1, further comprising:

receiving at least one bid for the second auction; and

determining a winner for the second auction based on the at least one bid received for the second auction and the information relating to the determined winning bid of the first auction.

15. A method for conducting a forward auction and a reverse auction from a single software component operable on a computer system, comprising:

receiving information regarding the details of the forward and reverse auction;

running a first auction in a forward direction and a second auction in a reverse direction based on the received information with the single software component;

receiving at least one bid for each of the first and second auctions; and

determining a winner for the first and second auctions based on the at least one bid received for the first and second auctions and award criteria.

16. A method according to claim 15, wherein the first auction is for selling an item and the second auction is for purchasing the same item.

17. A method according to claim 16, wherein the award criteria includes a minimum difference in price for a bid received for the first auction and a bid received for the second auction.

33. A computer readable medium according to claim 15, wherein the first auction is for selling an item and the second auction is for purchasing the same item.

34. A computer readable medium according to claim 16, wherein the award criteria includes a minimum difference in price for a bid received for the first auction and a bid received for the second auction.

50. A computer system according to claim 15, wherein the first auction is for selling an item and the second auction is for purchasing the same item.

51. A computer system according to claim 16, wherein the award criteria includes a minimum difference in price for a bid received for the first auction and a bid received for the second auction.

18. A computer readable medium operable on a computer system for conducting a forward auction and a reverse auction with a single software component operable on the computer system, the computer readable medium configured to:

receive information regarding the details of the auction and the direction of the auction, where the direction is either forward or reverse;

run a first auction based on the received information with the single software component;

receive at least one bid;

determine a winner of the first auction from the at least one bid; and

run a second auction with the single software component in the other of the forward or reverse direction based on the received information and information related to the determined winning bid.

19. A computer readable medium according to claim 18, wherein the single software component is a self-contained re-deployable piece of software code.

20. A computer readable medium according to claim 18, wherein the single software component comprises pre-developed pieces of application code assembled into a single working application system.

21. A computer readable medium according to claim 18, further configured to:

receive information corresponding to an auction object; and

receive information corresponding to one or more auction-parameter objects.

22. A computer readable medium according to claim 21, wherein the auction object includes the name of the auction and the start and end time of the auction.

23. A computer readable medium according to claim 21, wherein the auction-parameter objects include at least one of the description of the item being sold or purchased, the amount of the item being sold or purchased, the direction of the auction and a target price.

24. A computer readable medium according to claim 23, wherein the auction-parameter object corresponding to the direction of the auction includes functionality for performing the auction in the applicable direction.

25. A computer readable medium according to claim 21, further configured to:

store the auction object and the auction-parameter objects in a data store.

26. A computer readable medium according to claim 25, further configured to:

provide a reference for the auction object to the auction-parameter objects.

27. A computer readable medium according to claim 26, wherein the reference is a pointer from the auction object to the auction-parameter objects.

28. A computer readable medium according to claim 18, further configured to:

send notification to each of a first group of participants for the first auction to submit a bid; and

send notification to each of a second group of participants for the second auction to submit a bid.

29. A computer readable medium according to claim 28, wherein at least one participant in the first group of participants is different from at least one participant in the second group of participants.

30. A computer readable medium according to claim 18, wherein the information relating to the determined winning bid includes the purchase or sale price, how much was purchased or sold, the identity of the buyer or seller, and the name of the auction.

31. A computer readable medium according to claim 18, further configured to:

receive at least one bid for the second auction; and

determine a winner for the second auction based on the at least one bid received for the second auction and the information relating to the determined winning bid of the first auction.

32. A computer readable medium operable on a computer system for conducting a forward auction and a reverse auction with a single software component operable on the computer system, the computer readable medium configured to:

receive information regarding the details of the forward and reverse auction;

run a first auction in a forward direction and a second auction in a reverse direction based on the received information with the single software component;

receive at least one bid for each of the first and second auctions; and

determine a winner for the first and second auctions based on the at least one bid received for the first and second auctions and award criteria.

35. A computer system for conducting a forward auction and a reverse auction with a single software component operable on the computer system, comprising:

a processor; and

a memory coupled to the processor, the memory comprising a plurality of instructions executed by the process, the instructions configured to;

receive information regarding the details of the auction and the direction of the auction, where the direction is either forward or reverse;

run a first auction based on the received information with the single software component;

receive at least one bid;

determine a winner of the first auction from the at least one bid; and

run a second auction with the single software component in the other of the forward or reverse direction based on the received information and information related to the determined winning bid.

36. A computer system according to claim 35, wherein the single software component is a self-contained re-deployable piece of software code.

37. A computer system according to claim 35, wherein the single software component comprises pre-developed pieces of application code assembled into a single working application system.

38. A computer system according to claim 35, the instructions further configured to:

receive information corresponding to an auction object; and

receive information corresponding to one or more auction-parameter objects.

39. A computer system according to claim 38, wherein the auction object includes the name of the auction and the start and end time of the auction.

40. A computer system according to claim 38, wherein the auction-parameter objects include at least one of the description of the item being sold or purchased, the amount of the item being sold or purchased, the direction of the auction and a target price.

41. A computer system according to claim 40, wherein the auction-parameter object corresponding to the direction of the auction includes functionality for performing the auction in the applicable direction.

42. A computer system according to claim 40, the instructions further configured to:

store the auction object and the auction-parameter objects in a data store.

43. A computer system according to claim 42, the instructions further configured to:

provide a reference for the auction object to the auction-parameter objects.

44. A computer system according to claim 43, wherein the reference is a pointer from the auction object to the auction-parameter objects.

45. A computer system according to claim 35, the instructions further configured to:

send notification to each of a first group of participants for the first auction to submit a bid; and

send notification to each of a second group of participants for the second auction to submit a bid.

46. A computer system according to claim 45, wherein at least one participant in the first group of participants is different from at least one participant in the second group of participants.

47. A computer system according to claim 35, wherein the information relating to the determined winning bid includes the purchase or sale price, how much was purchased or sold, the identity of the buyer or seller, and the name of the auction.

48. A computer system according to claim 35, the instructions further configured to:

receive at least one bid for the second auction; and

determine a winner for the second auction based on the at least one bid received for the second auction and the information relating to the determined winning bid of the first auction.

49. A computer system for conducting a forward auction and a reverse auction with a single software component, comprising:

a processor; and

a memory coupled to the processor, the memory comprising a plurality of instructions executed by the process, the instructions configured to;

receive information regarding the details of the forward and reverse auction;

run a first auction in a forward direction and a second auction in a reverse direction based on the received information with the single software component;

receive at least one bid for each of the first and second auctions; and

determine a winner for the first and second auctions based on the at least one bid received for the first and second auctions and award criteria.