Online auction bidding system
US8566174B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Jan 14, 2011 |
| Grant date | Oct 22, 2013 |
| Priority date | — |
| Expiry date | Jun 28, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/08
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An online auction bidding system utilizes a three state auction model that includes an auction open state, followed by a closing state, and an auction closed state which occurs last in which the online auction is ended and bids will not be accepted. The highest bid received prior to the auction end is considered the winning bid. In the auction open state, bids are guaranteed to be accepted if they are qualified, for example, by meeting certain conditions such as being above a current high bid by some desired increment. The closing state is of indeterminate length and thus the time that the online auction ends is unknown by the bidders which makes the practice of sniping difficult. Qualified bids are accepted during the closing state but bidders run the risk that a later bid will not be accepted should the auction end prior to that bid being placed.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.