Method and system for dynamically extending the duration of an auction
US7739154B1 · kind B1 · utility
2Cited by
2References
15Claims
0Family size
Assignee
Inventor
Key dates
| Filing date | May 3, 2007 |
| Grant date | Jun 15, 2010 |
| Priority date | — |
| Expiry date | Sep 21, 2027 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
This is a method for use in conducting online and/or proxy-based auctions. This method achieves the best possible price in a timely manner, by more closely simulating the mechanics of a face-to-face auction transaction where bidding is not closed at a preset time but by balancing bid frequency against conducting a timely transaction. The process extends the auction closing time by a geometrically decreasing amount to accommodate bids entered near the end of the auction.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.