Auction with interest rate bidding

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...

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Bibliographische Detailangaben
Hauptverfasser:	WATT, II WILLIAM R, ACKLEY MATTHEW F, CORNELL WILLIAM J
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:	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.