VARIABLE QUANTITY AUCTION SYSTEM AND METHOD
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United States of America Patent
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N/A
Issued Date -
Aug 7, 2014
app pub date -
Jan 31, 2014
filing date -
Feb 2, 2013
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
The present disclosure provides systems and methods for conducting a variable quantity auction. A seller may determine a quantity range of items to be sold and a reserve price for acceptable bids. The auction may proceed in two phases. In a first phase, bidders bid on a quantity of items at a price that is at least the reserve price. In various embodiments, the first phase may be used to determine the total number of items to be sold in a second phase. In the second phase a price for the fixed quantity of items may be determined. In various embodiments, the second phase may proceed as a typical second item auction in which bidders may modify their bids until the end of the auction. The winning bidders may only pay for their items at the lowest qualifying bid.
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