Patent ID: 7392215

Claim:
A method of processing bids over a network for an item to be sold, using a time based factor and an automated bidding utility, the method comprising, setting a first threshold bid price level at which to offer the item at a first time, setting a second threshold bid price level at which to offer the item at a second time subsequent to said first time, defining a bid time function that assigns bid price levels to intermediate times between said first time and said second time, the bid time function being a continuous function, defining an automated bidding utility, said automated bidding utility enabling bidders to input one of said bid price levels or said intermediate times, wherein said automated bidding utility calculates the other of said bid price levels or intermediate times according to said bid time function and outputs said other of said bid price level or intermediate time to a respective bidder, receiving one or more_bids over said network from said automated bidding utility, upon receipt of a bid comprising a bid price, calculating or obtaining from said automated bidding utility a bid time for said bid as a time to which said bid price has been assigned by said bid time function, and accepting bids received in an order of respective calculated or obtained bid times.