Electronic auction method and system for generating off-increment proxy bids
View Patent ↗An electronic auction method and system are disclosed for generating off-increment proxy bids. A minimum increment is specified for bidding on an item. A bid for the item is received from a first bidder which is currently a high bid for the item. A previously recorded proxy bid is received from a second bidder which is greater than the current high bid and not greater than the high bid plus the minimum increment. An off-increment bid is generated which does not increase the bid received from the first bidder by the increment and also does not exceed the proxy bid. The off-increment bid becomes a high bid for the item utilizing the proxy bid. The second bidder thus holds a current high bid for the item.
1. A method in an electronic auction for generating off-increment proxy bids, said method comprising the computer implemented steps of:
specifying a minimum increment for bidding on an item;
receiving a bid for said item from a first bidder that is a current high bid for said item;
identifying a previously recorded proxy bid from a second bidder that is greater than said current high bid but not greater than said current high bid plus said minimum increment; and
generating by said electronic auction an off-increment bid that becomes a new high bid for said item utilizing said proxy bid, wherein said second bidder holds the new high bid for said item, further wherein said off-increment bid does not exceed said bid received from said first bidder by said minimum increment, and wherein said off-increment bid does not exceed said proxy bid;
generating a proposed bid by said electronic auction, said proposed bid being equal to said minimum increment plus a current high bid for said item;
determining if said proposed bid exceeds said proxy bid; and
in response to a determination that said proposed bid does exceed said proxy bid, awarding said item to said second bidder for said off-increment bid, wherein said off-increment bid is equal to said proxy bid.
2. An electronic auction system for generating off-increment proxy bids, comprising:
a bus system;
a communications system connected to the bus system;
a memory connected to the bus system, wherein the memory includes a set of instructions; and
a processing unit connected to the bus system, wherein the processing unit executes the set of instructions to identify a minimum increment for bidding on an item; receive a bid received for said item from a first bidder that is a current high bid for said item; identify a previously recorded proxy bid from a second bidder that is greater than said current high bid but not greater than said current high bid plus said minimum increment; generate an off-increment bid by said electronic auction that becomes a new high bid for said item utilizing said proxy bid, wherein said second bidder holds the new high bid for said item, further wherein said off-increment bid does not exceed said bid received from said first bidder by said minimum increment, and wherein said off-increment bid does not exceed said proxy bid; generate a proposed bid, said proposed bid being equal to said minimum increment plus a current high bid for said item; determine if said proposed bid exceeds said proxy bid; and, in response to a determination that said proposed bid does exceed said proxy bid, award said item to said second bidder for said off-increment bid, wherein said off-increment bid is equal to said proxy bid.
3. A computer readable medium in an electronic auction including computer usable program code for generating off-increment proxy bids, said computer usable program code comprising:
instruction means for specifying a minimum increment for bidding on an item;
instruction means for receiving a bid for said item from a first bidder that is a current high bid for said item;
instruction means for identifying a previously recorded proxy bid from a second bidder that is greater than said current high bid but not greater than said current high bid plus said minimum increment; and
instruction means for generating an off-increment bid that becomes a new high bid for said item utilizing said proxy bid, wherein said second bidder holds the new high bid for said item, further wherein said off-increment bid does not exceed said bid received from said first bidder by said minimum increment, and wherein said off-increment bid does not exceed said proxy bid;
instruction means for generating a proposed bid, said proposed bid being equal to said minimum increment plus a current high bid for said item;
instruction means for determining if said proposed bid exceeds said proxy bid; and
instruction means for in response to a determination that said proposed bid does exceed said proxy bid, awarding said item to said second bidder for said off increment bid, wherein said off-increment bid is equal to said proxy bid.