Method and system for dynamically extending the duration of an auction

Method and system for dynamically extending the duration of an auction

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 again...

Ausführliche Beschreibung

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Bibliographische Detailangaben
1. Verfasser: ASHER MICHAEL L
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung: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.