Patent ID: 7599878
Filing Date: 2009-10-06
Classification: G06Q

Abstract:
1. A method of conducting an auction comprising: defining, prior to a first auction, a rule for a second auction based at least in part on user input, the rule limiting participation of bidders in the second auction based on an occurrence in the first auction; conducting the first auction having a first set of bidders; designating one or more bidders in the first set of bidders as winners of the first auction; determining, by a processor, participation of bidders from the first set of bidders in the second auction, in accordance with an application of the rule; conducting the second auction based on the determined participation; and designating one or more bidders in the second auction as winners of the second auction; wherein if the first auction is a forward auction, that which is auctioned in the first and second auctions represents a first portion and a second portion, respectively, of what a seller seeks to sell; and wherein if the first auction is a reverse auction, that which is auctioned in the first and second auctions represents a first portion and a second portion, respectively, of what a buyer seeks to buy.