Hybrid auctions and methods and systems for conducting same over a computer network
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United States of America Patent
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Jul 26, 2011
Grant Date -
N/A
app pub date -
Sep 26, 2001
filing date -
Sep 26, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
A two phase auction for an item includes a first phase in which an asking price for the item decreases at predetermined intervals when the auction is a seller's auction and increases at predetermined intervals when the auction is a buyer's auction, and a second phase after the first phase wherein the asking price starts at a level equal to a first bid placed by a first bidder during the first phase and periodically increases when the auction is a seller's auction and decreases at predetermined intervals when the auction is a buyer's auction until no additional bids are received from the first bidder and/or additional bidders, the auctioned item being awarded to a last bidder in the second phase.
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