Ariba, Inc.

Freemarkets, Inc.

Other

Freemarkets Online Inc.

Sam E Kinney, Jr

Robert G Stevens

William D Rupp

Vincent F Rago

David J Becker

Anthony F Bernard

Daniel C Heckmann

Glen T Meakem

Marc Alaia

Frederick W Roberts

Jason Reneau

John P Levis, Iii

Scott W Atkinson

Julia L Rickert

Daniel Abeshouse

Shane M Tulloch

Jennifer L Riddle

Nikki A Sikes

Tao Wang

Boaz Maor

David M Sobie

An auction is conducted by obtaining, from a buyer, information associated with a product to be purchased using an auction, where the buyer purchases the product from a winning bidder. The obtained information associated with the product is made available to at least a first bidder and a second bidder. A first bid that includes a first price and a first non-price information is received from the first bidder. A second bid that includes a second price and a second non-price information is received, from the second bidder. Non-price information is associated with (1) a description of a particular product a given bidder will provide in the event the given bidder wins the auction and/or (2) delivery of a product by the given bidder in the event the given bidder wins the auction. A first comparison value is generated based at least in part on the first price and the first non-price information. A second comparison value is generated based at least in part on the second price and the second non-price information. The first comparison value and the second comparison value are compared and the winning bidder of the auction is selected based at least in part on the comparison.

Method and system for conducting electronic auctions with multi-parameter price equalization bidding

A method and apparatus for automatically updating the value of a bid variable or the total bid for a multi-variable bid in an online auction is disclosed. The method includes displaying an automatically adjustable mechanism interfaced to a bidder. Thereafter, the automatic bid adjustments are calculated using the mechanism.

Method and apparatus for multiple variable bidding in an online auction

A method and system for conducting online auctions in a Dutch format is disclosed. Isolation of bidders in the online Dutch auction is exploited by creating unique views into the Dutch auction. In one embodiment, posted prices are originally defined in the context of the originator of the auction. These posted prices are transformed into the individual contexts of potential bidders prior to display at the bidder computer system. Multiple views into the Dutch auction are thereby supported. In another embodiment, feedback formats are specified for one or more of the potential bidders. The specified feedback formats enable the originator of the auction to control the types of market clearing information that will be withheld from the various potential bidders.

Method and system for correcting market failures with participant isolation in dutch style online auctions

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 online auctions having disguised bidding is disclosed. Submitted bids are ordered on a basis of a comparative bid parameter used by an originator of an auction. The ordinal rank of a bid is reported to the bidder.

Method and system for disguised price bidding in online 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. 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 online auctions using multi-parameter price equalization bidding is disclosed. Bids defined in a context of a bidder are transformed into a comparative bid parameter that enables a common basis of comparison for the submitted bids. A transformed bid of a first bidder can also be detransformed into a context of a second bidder, thereby enabling each individual bidder to view a comparison of submitted bids in their own context.

A method of allocating an award in an auction wherein an award for a given auction round is allocated amongst a plurality of highest ranked bidders including at least a first ranked bidder and a second ranked bidder is disclosed. The method provides an incentive to the first ranked bidder and the second ranked bidder to each improve their respective bids during the conducting of the auction. The method includes adopting a formula for allocating the award amongst at least the first ranked bidder and the second ranked bidder, conducting the electronic auction, and allocating the award between at least the first and second ranked bidders in accordance with the formula and the bids of the first and second ranked bidders. A factor of the formula is an actual bid differential between a bid of the first ranked bidder and a bid of the second ranked bidder. Furthermore, application of the formula to bids of the first and second ranked bidders causes a first portion of the award allocated to the first ranked bidder to increase, and a second portion of the award allocated to the second ranked bidder to decrease as a magnitude of the actual bid differential increases.

Method, apparatus, and system for varying an award volume in an auction

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 an electronic auction is described. Bids by participating bidders are specified over multiple contract term segments (e.g., years), and define a pattern of cash payments over time. The auction system converts the defined pattern of cash payments over time into a net present value bid. The net present value bids are used to effect a comparison between participating bidders.

Growing community of inventors

Sewickley, PA, United States of America

Sam E Kinney, Jr