Efficient implementation of an auction proxy bid engine

Details Efficient implementation of an auction proxy bid engine Efficient implementation of an auction proxy bid engine

2006-02-28

2006-02-28

Coggins, Wynn W. (Department: 3625)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Electronic shopping

Reexamination Certificate

active

07006987

ABSTRACT:
The invention provides a system and method for determining the winner or winners of an on-line auction accepting proxy bids. Proxy bids are bids that do not have a bid price, but instead have ceiling price that indicates the highest price a bidder is willing to bid for goods. The system and method according to the invention are able to sort the bids from highest to lowest and determine a winner or winners depending on the amount of goods being offered for sale. The system then generates a winning bid price by determining the lowest bid required to win the auction. The winning bidder or bidders pay this winning bid price.

REFERENCES:
patent: 2002-163488 (2002-07-01), None
No Author, “Bid.com Launches Personalized Marketing Service For Its Customers; Use of Net Perceptions Real-time Recomendation Engine a First for Online Auctions”, Business Wire, Nov. 5, 1998. Retreived from ProQuest Jun. 10, 2005.

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