Patent ID: 7904347

Claim:
A non-transitory processor-readable medium storing code representing instructions configured to cause a processor to: receive, at an auction operator, a first signal prior to a first time indicating that a first user has purchased a first bid for a first amount; receive, at the auction operator, a second signal prior to the first time indicating that a second user has purchased a second bid for a second amount; receive, at the auction operator, a third signal, after the first time but before a second time, indicating that the first user has submitted the first bid in an auction for an item, the auction initiated by a third user, the second time being subsequent the first time; increase an instantaneous value of the item by a predetermined amount in response to the third signal, the instantaneous value being equal to a first value of the item after the second time and before a third time, the third time being subsequent the second time; receive, at the auction operator, a fourth signal at the third time indicating that the second user has submitted the second bid in the auction for the item; increase the instantaneous value of the item by the predetermined amount in response to the fourth signal, the instantaneous value being equal to a second value of the item after the third time; award the item to the second user for the second value in response to a timer expiring before a third bid is submitted; and provide the third user with a portion of the first amount and a portion of the second amount in response to the timer expiring.