Method and system for controlling the initiation and duration of overtime interval in electronic auctions
First Claim
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1. A system to control overtime in an auction, comprising:
- a processor configured to;
define a first time interval corresponding to at least a portion of time during which bids are submitted to the auction for a first lot defined at least in part by a buyer, a second time interval, and a first closing time for the first lot, wherein the first closing time is at least initially defined as a specified scheduled closing time;
determine that at least one new bid for the first lot is received during the first time interval, the at least one new bid being received within a triggering interval;
determine a correlation between a rank of the at least one new bid and a rank of at least one other bid previously received for the first lot; and
extend the first closing time using the second time interval if the correlation between the at least one new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the at least one new bid and the at least one other bid; and
a memory coupled to the processor and configured to provide the processor with instructions;
wherein the first closing time corresponds to an end of the first time interval if the first closing time is not extended, and the first closing time corresponds to an end of the second time interval if the first time interval is extended.
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Abstract
Control of overtime in an auction is disclosed. A first time interval, a second time interval, and a first closing time for a first lot are defined. It is determined that at least one new bid for the first lot is received during the first time interval. The new bid is received close to the first closing time. The first closing time is extended using the second time interval if the correlation between the new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the new bid and the at least one other bid.
87 Citations
20 Claims
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1. A system to control overtime in an auction, comprising:
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a processor configured to; define a first time interval corresponding to at least a portion of time during which bids are submitted to the auction for a first lot defined at least in part by a buyer, a second time interval, and a first closing time for the first lot, wherein the first closing time is at least initially defined as a specified scheduled closing time; determine that at least one new bid for the first lot is received during the first time interval, the at least one new bid being received within a triggering interval; determine a correlation between a rank of the at least one new bid and a rank of at least one other bid previously received for the first lot; and extend the first closing time using the second time interval if the correlation between the at least one new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the at least one new bid and the at least one other bid; and a memory coupled to the processor and configured to provide the processor with instructions; wherein the first closing time corresponds to an end of the first time interval if the first closing time is not extended, and the first closing time corresponds to an end of the second time interval if the first time interval is extended. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system to control overtime in an electronic auction, comprising:
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a processor configured to; define a first time interval, a second time interval, and a first closing time for a lot defined at least in part by a buyer, wherein the first closing time is at least initially defined as a specific scheduled closing time; determine that at least one new bid for the first lot is received, the at least one new bid being received within a triggering interval; determine a correlation between a rank of the at least one new bid and a rank of at least one other bid previously received for the first lot; and extend the first closing time using the second time interval if the correlation between the at least one new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the at least one new bid and the at least one other bid; and a memory coupled to the processor and configured to provide the processor with instructions. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15)
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16. A system for controlling overtime in an electronic auction, comprising:
a processor configured to; define an overtime triggering interval, an extension time interval, and a closing time for a lot defined at least in part by a buyer, wherein the closing time is at least initially defined as a specific scheduled closing time; determine whether at least one new bid for the lot is received during the overtime triggering interval; determine a correlation between a rank of the at least one new bid and a rank of at least one other bid previously received for the lot; and extend the closing time using the extension time interval if the correlation between the at least one new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the at least one new bid and the at least one other bid; and a memory coupled to the processor and configured to provide the processor with instructions. - View Dependent Claims (17, 18, 19, 20)
Specification