Continuous Clock Auction with Proxy Bidding

At least one computer readable medium containing a computer program product for conducting a continuous clock auction, the computer program product comprising:

• program code for setting an initial current price for at least one product;
• program code for setting an initial duration for each of a plurality of rounds of said continuous clock auction;
• and
• program code for executing the following steps for each of said plurality of rounds of said continuous clock auction, such that as soon as one round ends, a next round begins:
• providing each of said plurality of bidders with a current price for a current round for said at least one product;
• receiving a bid from each of said plurality of bidders for a quantity of said at least one product at said current price;
• responsive to the received bids, determining whether an auction closure rule is satisfied;
• and
• responsive to results of said determining step, performing a step from a group of steps consisting of:
• responsive to determining that said auction closure rule is not satisfied, adjusting said current price of said at least one product based on a price adjustment rule, and ending the current round of said continuous clock auction;
• and
• responsive to determining that said auction closure rule is satisfied, closing said continuous clock auction.

A computer system for conducting a continuous clock auction, the computer system comprising:

• means for setting an initial current price for at least one product;
• means for setting an initial duration for each of a plurality of rounds of said continuous clock auction;
• and
• means for executing the following steps for each of said plurality of rounds of said continuous clock auction, such that as soon as one round ends, a next round begins:
• providing each of said plurality of bidders with a current price for a current round for said at least one product;
• receiving a bid from each of said plurality of bidders for a quantity of said at least one product at said current price;
• responsive to the received bids, determining whether an auction closure rule is satisfied;
• and
• responsive to results of said determining step, performing a step from a group of steps consisting of:
• responsive to determining that said auction closure rule is not satisfied, adjusting said current price of said at least one product based on a price adjustment rule, and ending the current round of said continuous clock auction;
• and
• responsive to determining that said auction closure rule is satisfied, closing said continuous clock auction.