Method and system for dynamically controlling overtime in electronic auctions

Abstract

A first lot and a second lot are presented to a plurality of bidders in a multi-lot electronic auction between an originator and the plurality of bidders. A closing time of the first lot precedes a closing time of the second lot. Bids are received from the plurality of bidders for the first lot. A closing time of the first lot is extended by an incremental amount of time upon an occurrence of an overtime trigger. If the difference in time between the extended closing time of the first lot precedes a closing time of the second lot by less than a minimum time interval, the closing time of the second lot is extended by the incremental amount of time.

1 - 15 . (canceled) 
   
   
       16 . A system comprising:
 a processor configured to:
 present a first lot and a second lot to a plurality of bidders in a multi-lot electronic auction between an originator and the plurality of bidders, wherein a closing time of the first lot precedes a closing time of the second lot; 
 receive bids from the plurality of bidders for the first lot; 
 extend a closing time of the first lot by an incremental amount of time upon an occurrence of an overtime trigger; and 
 if the difference in time between the extended closing time of the first lot precedes a closing time of the second lot by less than a minimum time interval, extend the closing time of the second lot by the incremental amount of time; and 
   a memory configured to store the minimum time interval and the incremental amount of time.   
   
   
       17 . The system of  claim 16 , wherein the overtime trigger is selected from a group consisting of a receipt of a bid with a ranking criterion, receipt of a bid with a quality criterion and receipt of bids having a bid group characteristic. 
   
   
       18 . The system of  claim 17 , wherein said ranking criterion is selected from a group consisting of a best bid and a predetermined rank from said best bid. 
   
   
       19 . The system of  claim 17 , wherein said quality criterion is selected from a group consisting of an absolute bid price, a bid price within a predetermined absolute difference from a best bid price, a bid price within a predetermined percentage difference from said best bid, and a bid from an incumbent bidder. 
   
   
       20 . The system of  claim 17 , wherein said bid group characteristic is selected from a group consisting of an increase in frequency of bids, a statistical analysis of bid prices from a group of bidders and a statistical analysis of bid prices received from one bidder. 
   
   
       21 . The system of  claim 17 , wherein said minimum time interval is at least five minutes. 
   
   
       22 . A system comprising:
 a processor configured to:
 determine if a difference of a closing time of a current lot in an electronic auction and a closing time of a preceding lot in an electronic auction is less than a first predefined time interval stored in memory, wherein the closing time of the current lot is preceded by the closing time of the preceding lot, and the closing time of the current lot precedes a closing time of a subsequent lot; 
 if the difference is less than the first predefined time interval, set the closing time of the current lot to the closing time of the preceding lot plus a predefined minimum time interval; and 
 if the difference of the extended closing time of the current lot and the closing time of the subsequent lot is less than a second predefined time interval stored in memory, set the closing time of the subsequent lot to the closing time of the current lot plus the predefined minimum time interval; and 
   a memory configured to store the predefined minimum time interval.   
   
   
       23 . A system comprising:
 a processor configured to:
 (a) determine if a difference of a closing time of a current lot in an electronic auction and a closing time of a preceding lot in the electronic auction is less than a first predefined time interval, wherein the closing time of the current lot is preceded by the closing time of the preceding lot, and the closing time of the current lot precedes the closing time of a subsequent lot; and 
 (b) if the difference is less than the first predefined time interval, set the closing time of the current lot to the closing time of the preceding lot plus a predefined minimum time interval; and for each subsequent lot:
 set the subsequent lot to be the current lot; and repeat (a) and (b) until there are no more subsequent lots; and 
 
   a memory configured to store the first predefined time interval and the predefined minimum time interval.