Patent ID: 7085740

Claim:
A method for conducting an auction, comprising the steps of: offering at least one item for sale over a computer network, for a first predetermined period of time; receiving a first bid for said item from a first bidder over said computer network; according a first value to said first bidder as a first function of at least one of a timing of said first bid and a worth of said first bid; receiving at least one succeeding bid for said item from at least one other bidder over said computer network; according a second value to said at least one other bidder as a second function of at least one of a timing of said succeeding bid and a worth of said second bid; accumulating values accorded said first bidder for each bid placed by said first bidder during said auction; accumulating values accorded each said at least one other bidder for each bid placed by said at least one other bidder during said auction; comparing said accumulated values of said first bidder with said accumulated values of each said at least one other bidder; identifying an auction leader based on a third function of said comparison of said accumulated values of said first bidder with said accumulated values of each of said at least one other bidder; closing said auction to all further bids by any bidder other than said auction leader after said first predetermined period of time; permitting said auction leader to make one final bid after said auction is closed, thereby encouraging bidders to attempt to become the auction leader by bidding early and maintaining the high bid throughout the auction.