Importance

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Abstract

A buyer may submit a listing containing a description of an item desired to be purchased, such as an airline ticket, to an operator of an automated selling system. The automated selling system may be accessible via a computer network. The listing may contain a maximum price at which the buyer is willing to purchase the item. Sellers designate listings for which they submit bids to the operator. The floor price applicable to a given listing may be determined from the highest floor price submitted by the eligible sellers for that listing. If only one seller submits a bid, and the bid is less than or equal to the price submitted by the buyer, that seller is selected to make the sale and provide the item. If there are multiple eligible sellers, the sale is awarded to a seller after applying predefined system rules.

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First Claim