Importance

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Abstract

A method and system for conducting an on-line auction, in which the bidding is weighted to encourage early and higher bidding. Each time a buyer places a new high bid on an item he is accorded points, weighted to reflect the amount of the bid, either as an absolute value as a relative increase in the high bid compared to prior bids, or in some other fashion. The bid may also be weighted to reflect how long the bid stays the high bid. Thus the bidder is encouraged to place a bid early to have the high bid for as long as possible, and outbid others, so that he does not lose his position as the-high bidder. The invention therefore results in higher bidding, for items offered for sale and yields a more fair and accurate test of the true worth of the item offered for sale.

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First Claim