Patent ID: 7337139

Claim:
A system for conducting an automated auction for multiple objects in multiple rounds, the auction allowing assignment of identical objects, similar objects or close substitutes at different prices, the system comprising: a plurality of bid entry terminals operated by bidders; a bidding information processor, the bidding information processor being communicatively coupled to the bid entry terminals and comprising: means for generating current bidding information, the current bidding information including at least an indicator of a current price, means, coupled to the generating means, for transmitting a signal representing current bidding information from the bidding information processor to bid entry terminals, means for receiving bids from bid entry terminals, and means for determining, separately for each of a plurality of bidders, a quantity of objects, if any, to be assigned in a current round; means assigning the determined quantity of objects to the determined bidder in the current round, said assigning creating an obligation for the determined quantity with respect to the determined bidder; each bid entry terminal comprising: means for receiving a bid from a participating bidder, the bid indicating a quantity of objects to be transacted, means, coupled to the bid receiving means, for transmitting a signal representing the bid to the bidding information processor, and means for receiving current bidding information from the bidding information processor; wherein the determining means comprises: a) a first summing means for summing quantities of objects to be transacted by all bidders at the current price; b) a first comparing means, coupled to the first summing means, for comparing the summed quantities of objects to be translated at the current price with a current quantity of available objects; c) a first assigning means, coupled to the comparing means, for assigning objects to a bidder based on the bids of the other bidders and decreasing the current quantity of objects available, if the summed quantities of objects to be transacted at the current price is greater than the current quantity of available objects; and d) a second assigning means, coupled to the comparing means, for assigning to each bidder a quantity of objects corresponding to each bidder's respective bid, if the summed quantities of objects to be transacted at the current price is not greater than the current quantity of available objects.