Data processing system for conducting a modified on-line auction
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United States of America Patent
Stats
-
Apr 2, 2002
Grant Date -
N/A
app pub date -
Apr 7, 2000
filing date -
Feb 8, 2000
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A data processing system is disclosed that can be used to conduct a modified auction. A minimum value is determined for an item to be auctioned. Potential bidders are provided the opportunity to buy the rights to bid on the item. When the total proceeds from selling the rights to bid on the item become equal to or greater than the minimum value for the item, an auction is performed for the item. In one embodiment, only those entities that purchased the rights to bid may participate in the auction, and the auction is designed to prevent the auction price from becoming too high.
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