Patent ID: 7383206
Filing Date: 2008-06-03
Classification: G06Q

Abstract:
1. A computer implemented method for online auction, comprising: receiving at a server over a network electronic data representing initial values for each bid variable from one of a plurality of enterprise supplier bidders of an online auction hosted by the server over the network for bidding for a lot of goods sought by an enterprise buyer remotely located over the network, the lot of goods having a plurality of line items and each line item associated with a bid variable; calculating by the server by executing one or more computer instructions for calculating a total bid value by performing a function on the bid variables using the initial values, the function implemented by the one or more computer instructions including a predetermined formula, wherein each line item is associated with a weight factor determined by the enterprise buyer, when combined with a bit variable associated with a respective line item, contributes in the total bid value of the lot of goods, and wherein the total bid value is used to bid on behalf of the respective enterprise supplier bidder for the lot of goods as a whole and the total bid value is further used by respective enterprise supplier bidder to determine the bidding position by comparing total bid values of a remainder of the plurality of enterprise supplier bidders; receiving electronically at the server data representing an updated value different than the initial values for one of the bid variables from the enterprise supplier bidder over the network; calculating by the server automatically executing one or more computer instructions for calculating an adjusted value for the total bid value by performing the function using the updated value, wherein the adjusted value is used to rank the respective enterprise supplier bidder with respect to a newest bidding position in view of other enterprise supplier bidders; and providing market feedback regarding the calculated total bid value to a remainder of the enterprise supplier bidders, wherein the bid variables of the plurality of line items comprises a first portion of the bid variables that is fixed and a second portion of the bid variables that is adjustable automatically without user intervention, and wherein the automatically calculating an adjusted value for the total bid value is performed based on adjustable values of the second portion of the bid variables, while the first portion remains unchanged.