Reverse auction system with retractible bids

Details Reverse auction system with retractible bids Reverse auction system with retractible bids

G - Physics

06

Q

G06Q 30/08 (2012.01)

Patent

CA 2637303

An improvement in a reverse auction in which bids for one or more articles of merchandise or one or more services are made by bidders, the winner of the auction being the bidder with the lowest unique bid at the end of the auction. Each bidder is allowed a predetermined number of bids and may retract one or more of his or her bids and replace them with other bids. During the course of the auction, each bidder is provided with information about the bidding for the auction comprising one or more of: (1) the total number of bids, (2) the total number of bidders, (3) the total number of higher bids, (4) the total number of lower bids, (5) the total number of higher unique bids, (6) the total number of lower unique bids, or (7) the total number of bids same as this bid.

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