Auction with interest rate bidding
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United States of America Patent
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-
Sep 6, 2011
Grant Date -
Oct 7, 2010
app pub date -
Feb 22, 2010
filing date -
Dec 11, 2003
priority date (Note) -
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status (Latency Note)
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Abstract
A method and system are provides for an auction with interest rate bidding. The system receives a starting interest rate and a maximum interest rate for an interest-paying (IP) item at a computer. The system publishes the IP item for sale at the starting interest rate, initiates a declining auction and receives bids in the declining auction for the IP item. The system terminates the declining auction based on a predetermined period of time and identifies one or more bids that respectively include an interest rate that is lower than the maximum interest rate. Finally, the system selects a lowest interest rate bid from the one or more bids as a winning bid.
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