Importance

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Abstract

The present invention is a method and apparatus for effectuating post-transaction-priced transactions of information, goods, and services in exchange for money or its equivalent (such as credits). The invention allows prospective sellers of information, goods and services to offer those items globally to potential buyers, for buyers to make item requests of sellers, for sellers and buyers conveniently to search for relevant buyer and seller information, for sellers to provide items to buyers without any guarantee of a specific payment amount, and for buyers to decide how much to pay for those items after having received them. The method and apparatus of the present invention have applications on the internet as well as conventional communications systems such as voice telephony. In a preferred embodiment, the method and apparatus of the present invention include mechanisms through which information about participants and previous transactions is revealed in such a way as to encourage buyers to pay a fair amount for the items provided, and to encourage sellers to provide items that are of high value to the buyers to whom they provide those items. Specifically, the system stores information regarding previous transactions and makes this information available to participants, so that they are able to intelligently decide which participants are worth transacting with. For example, a buyer who routinely pays nothing for items will soon have difficulty finding sellers interested in selling him/her items, while a buyer who consistently pays a fair price for items will be able to expect a steady stream of items. Similarly, a seller who consistently provides items which buyers are willing to pay large amounts for will have greater ability to provide items to buyers in the future, while a seller who provides items which buyers generally find worthless will have great difficulty finding any buyers to provide items to.

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First Claim