Method and system for controlling the initiation and duration of overtime intervals in electronic auctions

CAFC
  • US 6,216,114 B1
  • Filed: 05/14/1999
  • Issued: 04/10/2001
  • Est. Priority Date: 09/18/1998
  • Status: Expired due to Term
First Claim
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1. A computer program product for enabling a processor in a computer system to control overtime in an electronic auction, said computer program product comprising:

  • a computer usable medium having computer readable program code means embodied in said medium for causing an application program to execute on the computer system, said computer readable program code means comprising;

    a first computer readable program code means for enabling the computer system to offer a plurality of lots, defined at least in part by a buyer, to a plurality of potential sellers, each of said plurality of lots having at least one product;

    a second computer readable program code means for enabling the computer system to define a closing time for each of said plurality of lots, wherein a closing time for a lot defines a time before which bids for the lot are to be submitted by a potential seller;

    a third computer readable program code means for enabling the computer system to define an overtime extension parameter for each of said plurality of lots, said overtime extension parameter indicating a length of an overtime period for an associated lot, wherein an overtime extension parameter for a lot is based upon characteristics of one or more items in the lot;

    a fourth computer readable program code means for enabling the computer system to determine whether an overtime period is triggered in one of said plurality of lots; and

    a fifth computer readable program code means for enabling the computer system to extend the auction for said one of said plurality of lots by an amount of time defined by said overtime extension parameter associated with said one of said plurality of lots, if an overtime period is triggered in said one of said plurality of lots.

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