Patent ID: 8577746

Claim:
A system for implementing a multi-product clock auction where an auctioneer is buying one or more products and where prices of one or more products offered in the multi-product clock auction are modified during the multi-product clock auction, the system comprising: one or more bidder devices, each bidder device associated with a bidder and configured to receive a bid for one or more products; a server coupled to the one or more bidder devices, the server comprising: a processor; a storage device coupled to the processor, the storage device including: instructions that when executed by the processor cause execution of a method for implementing a multi-product clock auction, the method comprising the steps of: receiving, in a first round, first bids for one or more products from one or more bidder devices; determining from the first bids received in the first round whether at least one product is oversubscribed; responsive to determining that at least one product is oversubscribed, adjusting a first price associated with the one or more products to generate one or more adjusted prices; receiving, in a second round using the one or more adjusted prices, second bids for the one or more products from the one or more bidder devices; identifying from the second bids received in the second round whether at least one product is undersubscribed; and responsive to identifying an undersubscribed product from the second bids received in the second round, generating a rolled back price by rolling back the adjusted price associated with the undersubscribed product to the first price associated with the undersubscribed product; determining from the second bids, the adjusted price and the rolled back price whether at least one product is oversubscribed; and responsive to no product being oversubscribed, awarding products to bidders using the second bids and the adjusted prices.