Patent ID: 7283980
Filing Date: 2007-10-16
Classification: G06Q

Abstract:
1. A method to control overtime in an electronic auction, comprising: defining a first time interval corresponding to at least a portion of time during which bids are submitted to the auction for a first lot defined at least in part by a buyer, a second time interval, and a first closing time for the first lot, wherein the first closing time is at least initially defined as a specified scheduled closing time; determining that at least one new bid for the first lot is received by a server associated with a sponsor of the auction during the first time interval, the at least one new bid being received close to the first closing time; determining a correlation between the at least one new bid and at least one other bid previously received for the first lot; and extending the first closing time using the second time interval if the correlation between the at least one new bid and the at least one other bid satisfies a trigger criterion that is based on a rank of the at least one new bid and the at least one other bid, wherein the extending is performed using the server; wherein the sever and the at least one bidder participating in the auction are coupled electronically over a communication network during the auction, the bids are submitted by at least one bidder to the server over the network, and the at least one new bid is transmitted to the server over the network; and wherein the first closing time corresponds to an end of the first time interval if the first closing time is not extended, and the first closing time corresponds to an end of the second time interval if the first time interval is extended.