Ariba, Inc.

Freemarkets, Inc.

Freemarkets Online Inc.

Jason Reneau

Robert G Stevens

William D Rupp

David J Becker

Vincent F Rago

Sam E Kinney, Jr

Anthony F Bernard

Daniel C Heckmann

Glen T Meakem

Marc Alaia

Frederick W Roberts

Controlling overtime in an auction is disclosed. A first time interval and a second time interval are defined. A first closing time for a first lot is also defined. A first bid is received for the first lot. A second bid is received for the first lot. A correlation between the second bid and the first bid is determined. The first closing time is extended using the second time interval if the correlation between the second bid and the first bid satisfies a trigger criterion. The trigger criterion is selected from a group consisting of a rank behind market and a quantity behind market.

Method and system for controlling the initiation and duration of overtime interval in electronic auctions

Control of overtime in an auction is disclosed. A first time interval, a second time interval, and a first closing time for a first lot are defined. It is determined that at least one new bid for the first lot is received during the first time interval. The new bid is received close to the first closing time. The first closing time is extended using the second time interval if the correlation between the new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the new bid and the at least one other bid.

A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a 'pending' status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders. The auction may be paused by the auction coordinator to correct technical, market and miscellaneous problems that may arise during the course of an auction. Individual bid ceilings can be set for each bidder so that they are required to bid lower than certain thresholds determined in advance of the auction. Failsafe error detection is performed to prevent erroneous bids from entering the auction. The auction coordinator has the ability to override any erroneous bids that are entered to prevent prejudice to the auction.

Method and system for controlling an electronic auction during the transition to a closed state

Information about a first lot and a second lot is displayed. The information includes a first closing time for the first lot, and a second closing time for the second lot. The second closing time is later than the first closing time. Responsive to the receipt of a bid for the first lot within a first predefined timer interval of the first closing time, an updated first closing time for the first lot is determined. The updated first closing time is displayed. If the updated first closing time is less than a second predefined time interval from the second closing time, an updated second closing time is displayed.

Method and system for dynamically controlling overtime in electronic auctions

Method and system for controlling the initiation and duration of overtime intervals in electronic auctions

A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. In one embodiment, scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process.

A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a &ldquo;pending&rdquo; status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders. The auction may be paused by the auction coordinator to correct technical, market and miscellaneous problems that may arise during the course of an auction. Individual bid ceilings can be set for each bidder so that they are required to bid lower than certain thresholds determined in advance of the auction. Failsafe error detection is performed to prevent erroneous bids from entering the auction. The auction coordinator has the ability to override any erroneous bids that are entered to prevent prejudice to the auction.

Method and system for controlling closing times of electronic auctions involving multiple lots

Method and system for handling disruptions in the management of electronic auctions

A method and system for conducting electronic auctions is described. A mic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. t can be set to a &ldquo;pending&rdquo; status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to bidding by all bidders. The auction may be paused by the auction coordinator to correct technical, market and miscellaneous problems that may arise during the course of an auction. Individual bid ceilings can be set for each e required to bid lower than certain thresholds determined in advance of the auction. Failsafe error detection is performed to prevent erroneous bids from entering the auction. The auction coordinator has the ability to override any ent prejudice to the auction.

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Boston, MA, United States of America

Jason Reneau