Patent ID: 6871191
Filing Date: 2005-03-22
Classification: G06Q

Abstract:
1. A method for processing bidding information in the auctioning of a lot, defined by an originator of the auction, amongst a plurality of bidders, comprising the steps of: (a) determining a first allocation of a total quantity required by the originator of the auction, among a first set of bids submitted by the plurality of bidders, based upon a relative competitiveness of said first set of bids, said bids each having a price and a quantity set by said bidders and said relative competitiveness determined from at least said price and said quantity; and (b) determining, upon a submission of a new bid in the auction, a second allocation of said total quantity required by the originator of the auction, among a second set of bids that includes said first set of bids and said new bid, based upon a relative competitiveness of said second set of bids, wherein said second allocation splits said total quantity among at least two bidders, wherein steps (a) and (b) are performed by at least one computer, and said steps (a) and (b) comprise the steps of: (1) generating a ranked ordered list of said received bids based upon relative values of a comparative bid parameter of said submitted bids; and (2) repeating the following steps for said ranked ordered list of said received bids until an unfilled quantity requirement is entirely satisfied: