| Data processing system that provides an auction with programmable proxy bids -> Monitor Keywords |
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  Data processing system that provides an auction with programmable proxy bidsRelated Patent Categories: Data Processing: Financial, Business Practice, Management, Or Cost/price Determination, Automated Electrical Financial Or Business Practice Or Management Arrangement, Finance (e.g., Banking, Investment Or Credit), Trading, Matching, Or BiddingThe Patent Description & Claims data below is from USPTO Patent Application 20080027852. Brief Patent Description - Full Patent Description - Patent Application Claims
REFERENCE TO RELATED APPLICATIONS [0001] This application is a divisional of U.S. patent application Ser. No. 09/938,141, filed Aug. 23, 2001, now pending and allowed, which parent application claims the benefit of U.S. provisional application Ser. No. 60/227,188, filed Aug. 23, 2000 and entitled "Intelligent Bids," (Attorney Docket: 620-010us"), which is also incorporated by reference. FIELD OF THE INVENTION [0002] The present invention relates to electronic commerce in general, and, more particularly, to a data processing system for providing formula-based computerized auctions. BACKGROUND OF THE INVENTION [0003] Currently, there are many computer-based auction systems (e.g., eBay, CommerceOne, SupplierMarket, SupplierOne, MaterialNet, etc.) in which bidders bid against each other in one or more rounds of bidding until the most advantageous bid is reached for a scope as defined by the auction solicitor. These auctions have worked well and have been quite successful in driving prices down in reverse auctions and prices up in forward auctions. [0004] The current interest in computer-based auctions has prompted innovations in the format of auctions. For example, in the prior art, the bidding phase of an auction often lasted for only a few minutes, which is short enough to continuously hold the attention of all of those interested in the outcome of the auction. In contrast, auctions today, like those on eBay for example, typically last for days. Although a longer auction has many advantages, it is too long for any single bidder to continuously monitor the bidding. To alleviate this disadvantage, eBay, for example, enables a bidder to submit a "proxy bid." A proxy bid is a direction to the auctioneer (e.g., eBay's data processing system, etc.) or other entity to prepare and enter one or more bids in behalf of the bidder under terms and conditions specified by the bidder. [0005] The proxy bid capabilities known in the prior art, however, have their limitations, and, therefore, the need exists for more advantageous kinds of proxy bids and auction formats. SUMMARY OF THE INVENTION [0006] The present invention provides innovations in proxy bidding and auction formats that avoid some of the costs and disadvantages of proxy bids and auction formats in the prior art. In particular, proxy bids in accordance with the illustrative embodiment offer more functionality and more flexibility than proxy bids in the prior art. [0007] In accordance with the illustrative embodiment, a bidder can program a data processing system to enter one or more bids by proxy. To this end, the capabilities offered by the data processing system include, but are not limited to: [0008] i. determining one or more bid variables based, at least in part, on the identity of one or more bidders in an auction, or [0009] ii. determining one or more bid variables based, at least in part, on the absence of one or more bidders from an auction, or [0010] iii. determining one or more bid variables based, at least in part, on the bid variables in one or more other bids, or [0011] iv. determining one or more bid variables based, at least in part, on the results of another auction, or [0012] v. determining one or more bid variables based, at least in part, on default values, or [0013] vi. determining one or more bid variables based, at least in part, on the current time, or, [0014] vii. determining one or more bid variables based, at least in part, on an external condition or value, or [0015] viii. determining one or more bid variables based, at least in part, on a random (i.e., stochastic) function, or [0016] ix. any combination of i, ii, iii, iv, v, vi, vii, and viii. Furthermore, the illustrative embodiment enables the partitioning of the scope of an auction into a plurality of portions such that a bidder can bid on: [0017] i. one or more portions of the scope, or [0018] ii. the entire scope, or [0019] iii. both i and ii. When the scope of an auction is partitioned, the winner(s) of the auction is determined in three steps. In the first step, a candidate winning bid for the entire scope is determined. In the second step, the candidate winning bids for each portion of the scope is determined. In the third step, the winner of the auction is determined by deciding which of: [0020] i. the candidate winning bid for the entire scope, or [0021] ii. the sum of the candidate winning bids for each portion of the scope in each way that the scope is partitioned (provided that there is a candidate winning bid for each portion of the scope in the way that the scope is partitioned) is more advantageous to the auction solicitor. Typically, an auction solicitor will do better when it enables the scope of an auction to be partitioned, and will do better still when it partitions the scope in more, rather than fewer ways. [0022] The illustrative embodiment comprises: entering, at a data processing system, a first bid into the auction from a first bidder; receiving, at the data processing system, a bid package from a second bidder, wherein the bid package directs the data processing system to determine a bid variable based, at least in part, on the identity of the first bidder; and entering, at the data processing system, a second bid into the auction from the second bidder, wherein the second bid comprises the bid variable as determined by the data processing system. BRIEF DESCRIPTION OF THE DRAWINGS [0023] FIG. 1 depicts a schematic diagram of the illustrative embodiment of the present invention. [0024] FIG. 2 depicts a block diagram of a data processing system in accordance with the illustrative embodiment of the present invention. [0025] FIG. 3 depicts a flowchart of the operation of the illustrative embodiment of the present invention. [0026] FIG. 4 depicts a flowchart of the tasks associated with defining an auction as depicted in FIG. 3. [0027] FIG. 5 depicts a flowchart of the tasks associated with conducting an auction as depicted in FIG. 3. [0028] FIG. 6 depicts a flowchart of the subtasks that compose subtask 503, as depicted in FIG. 5. [0029] FIG. 7 depicts a flowchart of the subtasks that compose subtask 504, as depicted in FIG. 5. DETAILED DESCRIPTION [0030] FIG. 1 depicts a schematic diagram of the illustrative embodiment of the present invention 100 in which data processing system 101 conducts an auction (i.e., is the auctioneer of an auction) in behalf of auction solicitor 102 and between bidders 103-1 through 103-n, wherein n is a positive integer greater than zero. In accordance with the illustrative embodiment, data processing system 101 is owned and operated by one or more entities that are independent of auction solicitor 102 and bidders 103-1 through 103-n. In some alternative embodiments of the present invention, however, data processing system 101 is: [0031] i. owned, or [0032] ii. operated, or [0033] iii. owned and operated, by [0034] i. auction solicitor 102, or [0035] ii. one or more of bidders 103-1 through 103-n, or [0036] iii. both auction solicitor 102 and one or more of bidders 103-1 through 103-n. In accordance with the illustrative embodiment, the owner or the operator or the owner and the operator of data processing system 101 receives a fee in consideration for conducting an auction in behalf of auction solicitor 102. In some embodiments of the present invention, the fee is paid by auction solicitor 102. In some alternative embodiments of the present invention, the fee is paid by one or more of bidders 103-1 through 103-n. [0037] In accordance with the illustrative embodiment, auction solicitor 102 and bidders 103-1 through 103-n are capable of providing data to and receiving data from data processing system 101 via: [0038] 1. data network 104 (e.g., the Internet, a private data network, a local area network, a wireless data network, etc.), or [0039] 2. telephone network 105 (e.g., the Public Switched Telephone Network, a wireless telephony network, etc.), or [0040] 3. courier 106 (e.g., Federal Express, the U.S. Mail, publication in a newspaper, publication in a periodical, etc.), or [0041] 4. in person by being co-located with local input/output device 202 (shown in FIG. 2) of data processing system 101, or [0042] 5. any combination of i, ii, iii, and iv. It will be clear to those skilled in the art how to make and use embodiments of the present invention in which auction solicitor 102 and bidders 103-1 through 103-n communicate with data processing system 101 in person, through data network 104, telephone network 105, and/or courier 106. [0043] FIG. 2 depicts a block diagram of the salient components of data processing system 101, which comprises computer 201, local input/output device 202, data storage device 203, telephone center 204, telephone network interface 205, and data network interface 206. Continue reading... Full patent description for Data processing system that provides an auction with programmable proxy bids Brief Patent Description - Full Patent Description - Patent Application Claims Click on the above for other options relating to this Data processing system that provides an auction with programmable proxy bids patent application. ###  How KEYWORD MONITOR works... a FREE service from FreshPatents1. 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