Method and system for conducting electronic auctions with net present value bidding

US7010511B1 · kind B1 · utility

Inventors

• Sam E. Kinney, Jr. · Dorpsstraat, US
• Vincent F. Rago · Pittsburgh, US
• Glen T. Meakem · Dorpsstraat, US
• Robert G. Stevens · Tokyo, JP
• David J. Becker · Dorpsstraat, US
• Anthony F. Bernard · Wexford, US
• William D. Rupp · Mount Lebanon, US
• Daniel C. Heckmann · Pittsburgh, US

Key dates

• Filing date: Mar 31, 1999
• Grant date: Mar 7, 2006
• Expiry date: Mar 31, 2019

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method and system for an electronic auction is described. Bids by participating bidders are specified over multiple contract term segments (e.g., years), and define a pattern of cash payments over time. The auction system converts the defined pattern of cash payments over time into a net present value bid. The net present value bids are used to effect a comparison between participating bidders.