Electronic auction method and system for generating off-increment proxy bids
US7197476B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 21, 2000 |
| Grant date | Mar 27, 2007 |
| Priority date | — |
| Expiry date | Feb 27, 2024 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An electronic auction method and system are disclosed for generating off-increment proxy bids. A minimum increment is specified for bidding on an item. A bid for the item is received from a first bidder which is currently a high bid for the item. A previously recorded proxy bid is received from a second bidder which is greater than the current high bid and not greater than the high bid plus the minimum increment. An off-increment bid is generated which does not increase the bid received from the first bidder by the increment and also does not exceed the proxy bid. The off-increment bid becomes a high bid for the item utilizing the proxy bid. The second bidder thus holds a current high bid for the item.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.