Patent ID: 8117083

Claim:
A method for conducting an online auction transaction comprising: creating, by a parameter calculation and setting engine, an auction having a start time, a closing time, and an exclusionary interval, wherein the exclusionary interval begins before the closing time and ends at the closing time; receiving a total number of bids for the auction placed during the exclusionary interval, wherein the total number of bids is at least two bids; determining, by an auction management engine, that each bid in the total number of bids is valid; calculating, by the parameter calculation and setting engine, in response to the determining: a new closing time, wherein the new closing time is calculated to occur after the closing time; and a new exclusionary interval, wherein the new exclusionary interval is calculated based on a descending function of a total number of bids received during the exclusionary interval and is less than the amount of time between the closing time and the new closing time; updating the closing time to the new closing time; and updating the exclusionary interval to the new exclusionary interval.