Method and system for implementing automatic auction extensions and adjustable bid increments in an electronic exchange
A method for automatic auction extension and user controlled standardized bid increment/decrement. The method is implemented in an electronic commerce exchange. The auction method implements automatic extension of an auction in response to bidding activity from auction participants. The method includes the step of setting an end time for concluding the auction. Bids are received from remote bidders via a distributed computer network. The received bids are analyzed to determine whether a predetermined number of bids are received within a predetermined time of the auction end time. If a greater number of bids are received within the predetermined time, the duration of the auction is automatically extended and a new auction end time is set. The auction participants are notified of the new auction end time. Standardized bid increments can be set defining a minimum amount at which a subsequent bid differs from a previous bid. Similarly, standardized bid decrements can be set defining a minimum amount at which a subsequent bid subsequent bid differs from a previous bid. A total number of possible extensions can be set defining a number of times the auction can be extended due to bidding activity. The settings can be changed dynamically during the auction by the auction operator/user.
1. In an electronic commerce exchange server, an auction method for implementing automatic extension of an auction in response to bidding activity from auction participants, comprising:
setting with the exchange server an end time for concluding an auction, minimum bid threshold for postponing the end time for concluding the auction, and a number of extensions allowed, the minimum bid threshold representing a total number of a plurality of bids that must be received within a predetermined time of the auction end time;
receiving bids from remote bidders at the exchange server via a distributed computing network;
dynamically updating the minimum bid threshold with the exchange server as the auction is conducted and based on a number of bids received from the remote bidders;
measuring with the exchange server a number of bids received within the predetermined time of the auction end time;
in response to the measured number of bids exceeding the minimum bid threshold and a number of extensions not exceeding the maximum number of extensions allowed, extending a duration of the auction automatically with the exchange server and setting a new auction end time with the exchange server; and
notifying auction participants of the new auction end time with the exchange server.
2. The method of claim 1 further comprising setting with the exchange server a start time of the auction.
3. The method of claim 1 wherein the minimum bid threshold is user defined.
4. The method of claim 1 wherein the predetermined time is user defined.
5. The method of claim 1 wherein a duration of the extension from the new auction end time is user defined.
6. The method of claim 1 further comprising extending with the exchange server the duration of the auction a plurality of times where the greater number of bids are received within the predetermined time respectively.
7. The method of claim 1 further comprising setting with the exchange server a minimum bid difference at which a succeeding bid must differ from a preceding bid from the remote bidders.
8. In an electronic commerce exchange server, an auction method for implementing dynamic automatic extension of an auction in response to bidding activity from auction participants, said method comprising:
setting with the exchange server a start time and an end time for an auction, a minimum bid threshold for postponing the end time for concluding the auction, and a number of extensions allowed, the minimum bid threshold representing a total number of a plurality of bids that must be received within a predetermined time of the auction end time;
receiving bids from remote bidders at the exchange server via a distributed computing network;
dynamically updating the minimum bid threshold with the exchange server as the auction is conducted and based on a number of bids received from the remote bidders;
setting with the exchange server a minimum bid difference at which a succeeding bid must differ from a preceding bid from the remote bidders;
measuring with the exchange server a number of bids received within a predetermined time of the auction end time;
in response to the measured number of bids exceeding the minimum bid threshold and a number of extensions not exceeding the maximum number of extensions allowed, extending a duration of the auction automatically with the exchange server and setting a new auction end time with the exchange server; and
notifying auction participants of the new auction end time with the exchange server.
9. The method of claim 8 wherein the minimum bid threshold is altered dynamically after the start time of the auction.
10. The method of claim 8 wherein the predetermined time is altered dynamically after the staff time of the auction.
11. The method of claim 8 wherein a duration of the extension from the new auction end time is altered dynamically after the start time of the auction.
12. The method of claim 8 further comprising extending the duration of the auction with the exchange server a plurality of times where the greater number of bids are received within the predetermined time respectively.
13. The method of claim 1 , wherein said minimum bid threshold is dynamically adjustable during said auction.
14. The method of claim 8 , wherein said minimum bid threshold is dynamically adjustable during said auction.
15. A method of automatically extending an auction, said method comprising:
setting with an exchange server an end time for concluding an auction, a minimum bid threshold for postponing the end time for concluding the auction, and a number of extensions allowed, the minimum bid threshold representing a total number of a plurality of bids that must be received within a predetermined time of the auction end time;
receiving bids from remote bidders at the exchange server via a distributed computing network;
dynamically updating the minimum bid threshold with the exchange server as the auction is conducted and based on a number of bids received from the remote bidders;
measuring with the exchange server a rate at which incoming bids are received;
in response to the measured rate of incoming bids exceeding the minimum bid threshold and a number of extensions not exceeding the maximum number of extensions allowed, automatically extending the duration of the auction with the exchange server and setting a new auction end time with the exchange server; and
notifying auction participants of the new auction end time with the exchange server.
16. The method of claim 15 further comprising:
measuring with the exchange server said rate at which incoming bids are received during a predetermined time before the end of said auction.
17. The method of claim 15 , wherein said minimum bid threshold is dynamically adjustable during said auction.
18. The method of claim 15 , wherein said minimum bid threshold is set prior to the start of said auction.