System and method for an efficient dynamic auction for multiple objects
OwnerLawrence M. Ausubelinventor
Life of this patent
Estimating the term…
Abstract
An automated system for conducting an auction and a method for operating the system. The system comprises a plurality of bid entry terminal and a bidding information processor communicatively coupled to the bid entry terminals. Bidders at the bid entry terminals observe displayed information and enter bids accordingly. The bidding information processor and the bid entry terminals communicate and process information in order to conduct an auction. The method involves conducting an auction in which the price paid by bidders is independent of their own bids, in which participants are provided with information concerning their competitors' bids as the auction progresses, and in which the confidentiality of high values is maintained.
Claims25
A method for conducting an automated auction in a system including a plurality of bid entry terminals, bid entry terminals operated by bidders, and a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals, the method comprising:
- a) receiving transaction curve information from participating bidders at a plurality of bid entry terminals;
- b) transmitting a signal representing bidding information from the bidding information processor to a plurality of the bid entry terminals, the current bidding information including at least an indicator of a current price;
- c) accessing the received transaction curve information at the bid entry terminal, extracting a bid corresponding to the current price and transmitting a signal representing the bid to the bidding information processor;
- and
- d) generating updated bidding information and repeating a)-c), if any objects remain available.
A system for conducting an automated auction comprising:
- a plurality of bid entry terminals, bid entry terminals operated by bidders;
- a bidding information processor, the bidding information processor being communicatively coupled to bid entry terminals and comprising
- means for generating current bidding information, the current bidding information including at least an indicator of a current price,
- means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to each of the plurality of bid entry terminals,
- means for receiving bids from the bid entry terminals,
- means for determining a quantity of objects which will be assigned to each, based on the received bids;
- and
- each of the plurality of bid entry terminals comprising:
- means for receiving bid input information including transaction curve information from a participating bidder,
- means for receiving current bidding information from the bidding information processor, and
- means, coupled to the transaction curve information receiving means and the bidding information receiving means, for accessing the received transaction curve information at the bid entry terminal, extracting a bid corresponding to the current price and transmitting a signal representing the bid to the bidding information processor.
Dependencies are inferred from the claim text.