Method and system for dynamically extending the duration of an auction
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United States of America Patent
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Feb 14, 2012
Grant Date -
N/A
app pub date -
Mar 30, 2010
filing date -
May 3, 2007
priority date (Note) -
Expired
status (Latency Note)
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Abstract
This is a method for use in conducting online and/or proxy-based auctions. This method achieves the best possible price in a timely manner, by more closely simulating the mechanics of a face-to-face auction transaction where bidding is not closed at a preset time but by balancing bid frequency against conducting a timely transaction. The process extends the auction closing time by a geometrically decreasing amount to accommodate bids entered near the end of the auction.
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