Method of processing bids over a network

Abstract

A method of processing bids over a network for an item to be sold, using a cumulative quantity based factor, comprises, setting a first bid level at which to offer the item at an initial quantity, setting at least a second bid level at which to offer the item at a second quantity greater than the first quantity, receiving one or more bids over the network, upon receipt of a bid, calculating a cumulative quantity of items bid for and offering the items at a bid level corresponding to the cumulative quantity.

1 . A method of processing bids over a network for an item to be sold, using a cumulative quantity based factor, the method comprising, 
 setting a first bid level at which to offer the item at an initial quantity,    setting at least a second bid level at which to offer the item at a second quantity greater than said first quantity,    receiving one or more bids over said network, 
 upon receipt of a bid, calculating a cumulative quantity of items bid for and  
 offering said items at a bid level corresponding to said cumulative quantity.  
   
     
     
         2 . A method according to  claim 1 , comprising the further step of using data of existing bids to calculate a probability of acceptance of a new bid at a given price level.  
     
     
         3 . A method according to  claim 1 , wherein there is further provided a tool for providing an on-line indication of the probability of acceptance of a bid at a given price level for a plurality of items offered over a predetermined time period, 
 said tool comprising a data storage unit,    said data storage unit operable to store data of existing bids and corresponding price levels,    said tool further comprising a calculator for calculating a probability of acceptance of said bid at a given price level based on said existing bids, said corresponding price levels and said method.    
     
     
         4 . A tool according to  claim 3 , wherein said calculator is further operable to calculate a bid level having a 50% chance of being accepted.  
     
     
         5 . A method according to  claim 1 , wherein there is further provided a tool for providing an on-line indication of the probability of acceptance of a bid at a given price level for a plurality of items offered over a predetermined time period, 
 said tool comprising a data storage unit,    said data storage unit operable to store data of existing bids and corresponding price levels,    said tool further comprising a calculator for calculating a probability of acceptance of said bid at a given price level based on said existing bids, said corresponding price levels and said method.    
     
     
         6 . A tool according to  claim 5 , wherein said calculator is further operable to calculate a bid level having a 50% chance of being accepted.  
     
     
         7 . A tool for providing an on-line indication of the probability of acceptance of a bid at a given price level for a plurality of items offered over a predetermined time period using a predetermined bid acceptance algorithm, 
 said tool comprising a data storage unit,    said data storage unit operable to store data of existing bids and corresponding price levels,    said tool further comprising a calculator for calculating a probability of acceptance of said bid at a given price level based on said existing bids, said corresponding price levels and said predetermined bid acceptance algorithm.    
     
     
         8 . A tool according to  claim 7 , wherein said calculator is further operable to calculate a bid level having a 50% chance of being accepted.